SMEs issued MVR 316 million in COVID-19 relief loans

The SME Development Finance Corporation (SDFC) has issued MVR 316.7 million in COVID-19 relief loans to small and medium enterprises.

Records released by Finance Ministry shows SDFC issued relief loans to 1,955 SMEs by October 27. The 1,955 SMEs were among total 3,834 SMEs which applied for the loan, 636 of which were rejected for various reasons.

The applications approved by SDFC include MVR 53.7 million in loans to 234 SMEs in the tourism sector, and MVR 19.5 million in loans to 78 SMEs in the transport sector.

Finance Ministry’s records also show that 1,909 self-employed persons applied for relief loans, out of whom 644 were approved for MVR 19.2 million in loans.

Additional loan approvals include MVR 2.2 million in loans for 13 SMEs in agricultural sector, MVR 56.1 million in loans for 194 SMEs in construction sector, MVR 4.1 million in loans for 22 SMEs in fisheries sector, and MVR 18.4 million in loans for 112 SMEs in the manufacturing sector.

The records also show total 344 self-employed women applied for relief loans, 118 of whom were approved MVR 3.5 million in loans.

Meanwhile, 428 SMEs run by women were approved MVR 108.6 million in loans.

SDFC’s loan scheme is a component of the economic recovery package announced by the Finance Ministry to mitigate the impact of COVID-19 pandemic on SMEs and self-employed individuals.

SMEs are eligible for loans of up to MVR 500,000 under the scheme.