The SME Development Finance Corporation (SDFC) has disbursed a total of USD 77.8 million in loans to local small to medium enterprises (SMEs).
The corporation has observed a surge in the number of SMEs applying for loans. To date, SDFC has approved 1,200 loans and disbursed 1,100 of them while the company has granted loans to over 500 local SMEs and other sectors.
Tourism sector has observed the creation of 3,300 beds while over 200 wholesale and retail businesses, and more than 100 cafes and restaurants benefitted from the SDFC loan scheme.
SDFC was established in 2019 a state-owned enterprise as a public financial institution that offers various financial instruments and ancillary services to micro, small, and medium enterprises (MSMEs) in the Maldives along with entrepreneurial start-ups.