SME Development Finance Corporation (SDFC) has issued USD61 million in loans for eight sectors.
The latest statistics show that SDFC has provided 1,023 loans to businesses in eight sectors since 2019. The company issued the largest amount in loans to businesses in the commercial, fisheries, and tourism sectors and has approved a total of 1,119 loans totaling USD84 million.
The statistics show that SDFC issued 287 loans totaling USD19 million for the commercial sector, 142 loans totaling USD18 million for the fisheries sector, and 202 loans totaling USD16 million for the tourism sector. It also shows the company issued 89 loans totaling USD6.9 million for the travel and transport sector, 98 loans totaling USD4.4 million for the manufacturing sector, 48 loans totaling USD2.5 million for the industrial sector, 11 loans totaling USD570,000 for the information technology sector, and 10 loans totaling USD421,000 for the agricultural sector.
SDFC was established in 2019 as a specialised financial institution providing financial products and ancillary services to micro, small and medium enterprises (MSMEs) and entrepreneurial start-ups with the primary purpose of easing access to finance for MSMEs. It was formed as a 100% state-owned company.