A total of 2,076 individuals have received loans under the government’s Covid-19 Recovery Loan Schemes introduced due to the ongoing pandemic, through the SME Development and Finance Corporation (SDFC).

Latest statistics publicized by the Ministry of Finance reveal that MVR 348.8 million was disbursed as loans under the recovery scheme by January 14.

Out of this, MVR 329.4 million was for 1,428 businesses while MVR 19.4 million was disbursed to 648 self-employed individuals by Thursday.

SDFC approved a total of MVR 360.6 million for 1,520 businesses and MVR 20.5 million for 685 freelancers, out of the 4,086 applications received in total.

Statistics indicate that 79 business applications and 626 applications from freelancers were rejected, with 685 self-employed individuals being sanctioned for MVR 20.5 million and 1,519 businesses for MVR 360.6 million.

Further, the numbers for the applications approved for female applicants under the loan scheme remained unchanged from the previous week.

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, which is implemented through the “Viyafaari Ehee” loan initiative by SDFC.

The scheme is specialized for freelancers with the annual turnover less that MVR 10 million during 2019, who are facing hindrances and difficulties to run required operations due to the pandemic.

Eligible individuals may apply for loans up to MVR 30,000 at six percent interest per annum for a three-year period. A grace period of up to six months is offered during which no interest is charged, and no payment of principal or interest is required.