SME Development Finance Corporation (SDFC) has announced that existing businesses that have been continuously in operation for more than six months will be eligible for its ‘Viyafaari Ehee’ loan.
The ‘Viyafaari Ehee’ loan product is designed to provide financial assistance to Micro, Small, and Medium Enterprises (MSMEs) in fulfilling their short-term business requirements.
SDFC said the opportunity is open for existing businesses with a minimum of six months in operation down from the previous requirement of one year.
According to SDFC, the requirement has been relaxed to offer the opportunity to as many small businesses as possible.
The loan can be utilised to purchase goods and meet operational requirements. Applications can be made on the SDFC website with a maximum loan amount of USD97,276 available for interested businesses. However, loans exceeding USD45,395 will require collateral.
The loan will be offered with an interest rate of 9.5% per annum with a maximum grace period of six months and a repayment period of up to five years.
Established in 2019, SDFC is a specialised financing institution focused on providing financial support to MSMEs in the Maldives.
Owned by the government along with the Male’ City Council, Fuvahmulah City Council and Addu City Council, SDFC enables MSMEs to obtain financing to support their businesses while leading to healthy competition between financial institutions.