The SME Development Finance Corporation (SDFC) has added new categories to their ‘Kandufalhuge Nafaa’ loan facility.
The new additions, specifically target the growth and development of reef fisheries.
SDFC announced the introduction of a facility worth MVR 700,000 for those seeking to expand their reef fishing activities. The loan facility comes with a 5% interest rate and a six-month grace period, with a 10-year repayment duration.
For the vessels developed or repaired through the facility, the vessels would be held as collateral.
Eligible Applicants
- Reef fishers (individuals or local SMEs)
- Reef fish suppliers
- Exporters or processing/canneries of reef fish
- Local suppliers from the atolls directly transporting reef fish to Male’
Applicable Causes
- Repairs of development of a new vessel for reef fishing
- Installation of engines of vessels used for reef fishing
- Installation of navigation equipment
- Modifications and maintenance of vessels
- Purchase of fish processing machinery and equipment
- Fish packaging or packing material purchase