SME Development Finance Corporation (SDFC) has issued USD77.8 million in loans to small and medium enterprises (SMEs) so far.
Speaking to PSM News, Chief Credit Officer of SDFC Fathimath Lamha said the number of businesses applying for loans has increased. As such, she said SDFC has approved 1,200 loans and disbursed 1,100 loans so far.
In addition, Lamha said the SDFC has issued the most loans to SMEs. As such, she said loans have been issued to 500 SMEs. She said that SDFC has also issued loans in other sectors. As such, 3,300 beds have been created in the tourism sector. She also said that loans have been given to more than 200 wholesale and retail businesses and more than 100 cafes and restaurants.
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.
The government has been providing more opportunities to SMEs. As part of the efforts, Business Centre Corporation (BCC) opened the SME Hub in Male’ City in December 2022. The hub provides businesses with opportunities to market and sell their products and empowers women with home-based businesses by giving them an equal platform to market their services.