The SME Development and Finance Corporation (SDFC) has opened applications for loan deferment.
In late August, SDFC announced a loan deferment, in order to help out small and medium enterprises (SMEs) in light of the ever-evolving global Covid-19 crisis. SDFC extended the moratorium on all loans until the end of 2020, for all those who wish to do so.
SDFC began accepting applications on Wednesday through the online portal of the company’s website and the deadline is set at September 25.
Those who do not send in deferment applications will be deemed credible to make loan repayments.
Earlier, SDFC deferred loan repayments for six months starting from March and the interest rate for the six months was also reduced to four percent.
Since its inception during March 2019, SDFC has been providing financial assistance to small and medium-sized enterprises.
The government had allocated a total of MVR 450 million for SDFC under the State Budget for the ongoing year, in order to assist SMEs.
Alongside the country’s national bank, Bank of Maldives, SDFC has also been providing loans to businesses as relief payments in light of the Covid-19 crisis.
