The SME Development Finance Corporation (SDFC) has introduced "Viyafaari Ehee" (Business Assistance) as financial assistance for SMEs and self-employed persons economically impacted by the Covid-19 pandemic.

Introduced on Wednesday, the loan is part of the government's economic recovery package.

According to SDFC, SME's can apply for loans up to MVR 500,000 with an interest rate of 6% and a repayment period of three years. Other criteria include an annual income of less than MVR 10 million in 2019. Businesses that have terminated employees amidst the pandemic are not eligible for the loan.

Self-employed persons can apply for loans up to MVR 18,000. Eligibility criteria include a six-month work history in the past 12 months and earning an income during that period.

The bank began accepting applications on April 8th. Applications are to be submitted via SDFC'sonline portal