President Ibrahim Mohamed Solih has stated that the SDFC (SME Development Finance Corporation) bank has allocated MVR 233 million as loans for small and medium scale businesses.
While speaking at the opening ceremony of "Fannu Expo 2019" held at Dharubaaruge on Thursday, the president revealed that MVR 233 million for low interest loans have been allocated for small and medium scale businesses, with some loans already being issued.
Likewise, the bank has received loan applications totaling up to MVR 1.3 billion since it began its services on March 18th, said the president.
To my knowledge, the bank has received loan applications totaling up to MVR 1.3 billion. MVR 233 million has been allocated as loans for these individuals, with some already being issued the loan.
~ President Ibrahim Mohamed Solih
While noting that 93% of local businesses are of small and medium scale, the president stated that the purpose of events such as "Fannu Expo 2019" is to promote Small-to-Medium-Enterprises (SME).
Further noting that the number of unregistered SME's exceed the number of registered SME's, the president stressed that SME's are the best avenue for income to flow into the community.
The current administration has made many efforts to bolster the development of SME's in the country. As such, next year's state budget has allocated MVR 450 million for the SME development in the country.