SME Bank prepares to provide MVR23m loans

Source: SunOnline

The SME Development Finance Corporation (SDFC) is prepared to provide loans of MVR23 million to applicants.

This announcement was made by the Chief Communications Strategist of the President’s Office, Mr Ibrahim Hood at a press conference held at the President’s Office. Hr Hood also stated that the SDFC has received more than 250 applications from small to medium enterprises.

The SME Bank provides loans in 5 main sectors. They are farming, fishing, tourism, ICT, and the production sector.

The SDFC provides a loan of MVR2 million for new or up and coming enterprises with a grace period of 18 months to begin paying the loan within 10 years.

The Bank also provides loans to develop ongoing small to medium enterprises. These loans provide MVR500,000 with a one year grace period to pay within 10 years.