SME Digital, the financial institution dedicated to supporting the micro, small, and medium enterprises (MSMEs), has announced a significant capital injection into the sector, disbursing more than USD 7.5 million to businesses across the country so far this year.
According to the latest statistics released by the bank formerly known as the SME Development Finance Corporation (SDFC), a total of USD 7.6 million has been released to 223 beneficiaries since 1 January. In a continuing trend showing focus on local tourism expansion, the largest volume of funds was disbursed under the ‘Rashu Fathuru’ facility, which accounted for USD 2.7 million distributed across 32 loans.
Following the local tourism scheme, key financing areas included Murabaha RSW Financing (USD 1.5 million for 24 loans) and the Business Capital Loan scheme (USD 1.49 million for 56 loans).
The current year’s performance builds upon strong foundational progress. Since 1 January last year, SME Digital has successfully disbursed financing to 573 loan beneficiaries, totaling USD 21.8 million. This figure includes the substantial USD 14.1 million disbursed to 350 beneficiaries throughout the entirety of last year.
SME Digital provides essential financial support aimed at start-up enterprises, sustaining existing ventures, and facilitating business development and expansion. The corporation caters to a diverse range of economic activities, currently offering specialty loans across eight key areas including local tourism, commerce, fisheries, transportation, manufacturing, construction, information technology, and agriculture.
To ensure broad access, the company offers loans at competitive, low interest rates, with application processes available entirely online, even for those resident in islands across the Maldives.