The SME Development Finance Corporation (SDFC) has advised loan applicants to ensure that the quotations submitted with their applications are valid and issued by legitimate suppliers.
SDFC is currently offering a "Business Assistance" loan scheme that assists customers to purchase goods, meet day-to-day business expenses and purchase machinery for ongoing business activities. The scheme offers a maximum loan of MVR 1.5 million.
When applying for a loan, the applicant must submit a quotation detailing the goods they wish to purchase. Anyone who has been in operation for at least one year is eligible to apply for this loan.
SDFC emphasised that applicants must ensure that the businesses issuing quotations are actual suppliers of goods or services intended for the purchase. If an applicant cannot verify this, they are advised obtain a quotation from another business that are confirmed service providers. This directive is aimed at preventing fraud and misuse of financial services, according to SDFC.
In addition to the "Business Assistance" loan scheme, "Farming Profit" and "Start-up Assistance Leasing" schemes are also open for application.
SDFC was established in 2019 by former President Ibrahim Mohamed Solih, with the objective providing financial assistance to small and medium enterprises for new start-ups, ensuring the sustainability of existing enterprises and further development and expansion of such enterprises.