SDFC Loans Out MVR 800m

The Small and Medium Enterprise Development Finance Corporation (SDFC) has disbursed MVR 800 million in loans in 2020.

The company claimed to have worked to find solutions for small enterprises during the COVID-19 outbreak. They claimed to have disbursed a total of MVR 381 million to 2,205 recipients under the government’s relief package to help small enterprises.

Once lockdown had been lifted, the SDFC has disbursed MVR 420 million to 305 recipients; the most of whom were in the tourism and commercial industries.

The company claimed that 33% of recipients were women and young people, and the company had said that loans had been given to recipients from 144 islands since the company’s inception.

The company had introduced an online portal for loan applications late last year.