The SME Development and Finance Corporation (SDFC) has disbursed loans to over 2,000 individuals under the government’s Covid-19 Recovery Loan Schemes introduced due to the ongoing pandemic.

The Ministry of Finance revealed that a total of 2,053 individuals affected by the ongoing Covid-19 outbreak, received loans by December 31.

SDFC issued a total of MVR 346 million for Small and Medium Enterprises and self-employed or freelance individuals

Latest statistics by the ministry reveal that 639 self-employed individuals and 1,414 businesses received recovery loans by Thursday.

MVR 326.9 million was issued for businesses whereas MVR 19.1 million was issued for self-employed individuals.

Out of the 2,033 applications received from businesses, 1,520 applications were approved and 79 were rejected, with 1,499 having been sanctioned.

Further, 683 out of the 2,053 applications received from self-employed individuals were sanctioned, 626 rejected and 685 approved.

The greatest number of loan applications approved by SDFC by sector, were for the commercial sector, at 846 totaling MVR 201.1 million. This is followed by the self-employed sector where 685 applications were approved out of the 2,053 applications received, totaling MVR 20.5 million.

A total of MVR 55.3 million was approved for 238 applicants from the tourism sector, where 320 applications were received by December 31 and SDFC received loan application from the construction sector totaling 297 out of which 204 were approved for MVR 59.4 million.

The ministry’s statistics revealed that two more applications received by female applicants, had been approved within the review period, which pushes the total number of applications by females that have been approved, to 576.

They are approved for MVR 117.4 million in loans. Out of this, loans were approved for 445 businesses and 131 self-employed women. MVR 3.9 million was approved for freelancers and MVR 113.5 million for businesses.

Finance ministry partnered with SDFC to administer the Covid-19 Recovery Scheme targeted towards SMEs and self-employed and freelance workers, as part of the government’s Economic Relief Package.

Further, MVR 578.5 million was issued through the recovery loan scheme for large businesses via the national Bank of Maldives (BML), by December 30.