The Fuvahmulah City Council has announced a micro-financing initiative aimed at nurturing Small and Medium-sized Enterprises (SMEs) within the city, marking a first for any council in the region. The initiative aims to extend financial support to SMEs in the form of loans.
The initiative was officially inaugurated by Mayor Ismail Rafeeq during a ceremony held earlier today. The micro-financing programme caters to entrepreneurs looking to commence or expand registered SMEs within Fuvahmulah City, aiming to foster the city’s economy and enhance living standards for its citizens.
The City Council has announced that the new financing program will encompass 14 sectors including, but not limited to, manual labour, beauty and makeup, photography, videography, sewing, textiles work, information communication technology, creative arts, music, sports, fitness, fisheries, electrical wiring, maintenance, manufacturing, agriculture, welding, carpentry work, and tourism.
Under the terms of the micro-financing program, eligible entrepreneurs can avail of loans up to MVR 50,000. These funds are intended to assist both new startups and existing businesses seeking to expand their operations. The council has outlined a flexible repayment structure, allowing for repayments to be made over a period of five years.
The Fuvahmulah City Council has directed interested parties to its website or the council office reception for additional details on the application process and other pertinent information regarding the loan scheme.