SME Development Finance Corporation (SDFC) has introduced an additional loan scheme, exclusive for local media outlets.

SDFC issued a statement on Thursday which highlights that the loan scheme was introduced to provide assistance to media outlets in managing their expenses and maintain business, which has been hit by the Covid-19 pandemic.

As such, the loan scheme will provide relief to financial issues facing media outlets and help maintain their businesses.

This was done as part of the group’s efforts to provide financial assistance to local businesses that have seen an economic collapse due to the Covid-19 pandemic.

Earlier, a special loan was introduced to assist businesses hit by the pandemic as well.

The loan will be issued with a four percent interest rate and media outlets are required to settle the loan within a maximum period of six years.

Criterion set for the loan provision includes none of the Maldivian employees of the company having been terminated due to the current situation as well as the period when the loan is approved.

The opportunity to apply for the loan was opened on Friday and the application forms have been made available through SDFC’swebsite. Forms must be submitted to the corporation’se-mail.

These loans will be issued under the economic recovery package introduced by the state to overcome the economic challenges facing the government due to the pandemic