SME Development Finance Corporation (SDFC) has revealed relief loans worth over USD 19.5 million have been approved for small and medium-sized enterprises (SMEs) under the COVID-19 Relief Loan Scheme.
The relief loan scheme was introduced by the government to assist local businesses affected by the COVID-19 pandemic. Under the scheme, SDFC has so far disbursed loans worth over USD 19.5 million for 1,815 individuals and businesses. SDFC revealed 1,254 SMEs have been provided with loans amounting to USD 18.3 million, while loans amounting to USD 1.09 million were approved for 561 sole proprietors.
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 the SDFC and the Bank of Maldives (BML).