SME Development Finance Corporation (SDFC) has approved loans worth over USD 300,000 under the agricultural loan scheme ‘Dhanduveri Nafaa’.
SDFC stated Dhanduveri Nafaa is a collaborative effort between the corporation and the Ministry of Fisheries, Marine Resources and Agriculture, aimed at providing accessible financing to promote investment, innovation and sector growth in farming and agriculture. SDFC revealed 17 loans have been approved under the scheme, amounting to a total of USD 305,250.
Loans disbursed under the scheme are aimed for investments in modern farming technology, poultry and livestock farming, agroforestry and plant nurseries as well as related value-added services. SDFC issues up to USD 32,500 for individuals and up to USD 130,000 for companies and corporations under the loan scheme. No equity or security is required for loans below USD 4,870.
The loans are issued at an interest of 6% per annum, with a grace period of up to 12 months and a repayment period of up to 7 years.