SME Finance Development Corporation (SDFC) has approved relief loans to 1,643 individuals and businesses, as part of the economic relief package introduced by the government to assist local businesses affected by the COVID-19 pandemic.
Ministry of Finance revealed SDFC has thus far received 2,855 applications for relief loans, of which 1,643 applications have been approved. The ministry stated the approved loans amount to a total of USD 18.9 million, including USD 18 million for small and medium enterprises (SMEs) and USD 900,000 for freelance workers.
The ministry further revealed a total of USD 11.2 million has been disbursed as relief loans to 1,303 businesses and individuals so far. Business sectors for which relief loans have been disbursed include tourism, construction, manufacturing, transport, fisheries and retail.
The government introduced an economic relief package to prevent local businesses from going bankrupt amid the COVID-19 pandemic. The relief loans are provided through SDFC and the Bank of Maldives (BML).