SME Development Finance Corporation (SDFC) has begun accepting loan applications via the new SME Portal.
The SME Portal provides customers with a convenient way to apply for six different loan options related to local tourism, SME assistance, agriculture, assets, business expansion, and startups. In addition, customers can use the portal to stay up-to-date with the latest information, schedule appointments, keep track of their history, and receive assistance in selecting the best loan option for their needs.
SDFC became the first financial institution in the Maldives to accept loan applications online after launching the customer service portal in 2020. The bank has distributed USD108 million to 1,387 small and medium enterprises (SMEs) as of March.
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.