SME digital has introduced ‘Vessel Financing’, a new loan scheme targeted at Small and Medium Enterprises (SMEs), designed for marine vessels.
Under this scheme, individuals and businesses are offered loans of up to USD 323,678.85. The newly introduced product offers flexible repayment periods of upto 10 years, including a 18-month grace period, granting ease and supporting businesses long-term.
The product is targeted for both new and existing businesses aiming to buy or build new vessels, upgrade existing vessels, purchase essential equipments including but not limited to engines and machinery, and on maintenance of existing vessels. SME Digital stated, the new product will provide support businesses in key sectors such as fishing, logisitics, cargo shipping and tourism in regard to their vessels.
SME Chief Executive Officer, Badhurudheen Hassan reiterated that the financing scheme opens up new opportunities for businesses in key sectors that contributes to the Maldives' economy. Highlighting how the new 'Vessel Financing' product can be utilised, he stressed that SME Digital seeks to expand opportunities to SMEs operating in all sectors and provide easy to access, convinient financing products to support their development and contribute to the growth of the nation's economy.
As the Maldives’ first fully Sharia-compliant digital financial institution dedicated to SME growth, SME Digital emphasises ease of access as a major goal for its services. For this scheme, interested candidates can apply via the SME portal on the SME Digital website.