The funds offered to Small and Medium sized Enterprises (SMEs), freelancers and self-employed persons under the “Viyafaari Ehee” or business assistance introduced by the SME Development Finance Corporation (SDFC) for freelancers economically impacted by the Covid-19 pandemic, have been increased.

This was announced by the Minister of Finance, Ibrahim Ameer during a press briefing at the National Emergency Operations Center (NEOC) on Saturday afternoon.

As such, Minister Ameer noted that while freelancers were given the chance to apply for loans up to MVR 18,000 when the initiative was launched at first, it has since been increased to MVR 30,000.

Shedding light on the reason for this development, the minister highlighted that the government believes this will pave way for additional opportunities for freelancers and self-employed persons.

Eligibility criteria for this loan includes a six-month work history in the past 12 months and earning an income during that period and it is part of the government’s economic recovery package for Maldivians who have had their livelihoods affected by the pandemic.

The bank began accepting applications on April 8 and urged applicants to submit forms via SDFC’s online portal.

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 conditions include an annual income of less than MVR 10 million during 2019. Businesses that have terminated their employees during the pandemic are not eligible for the loan.

Further, it has also been disclosed that freelancers are eligible for the government’s income support allowance.

They are eligible to receive MVR 5,000 if they had been actively earning for six months prior to March.