The Ministry of Social and Family Development has announced the opening of applications for the second phase of the “Fashaa Madhadhu Loan” – a specialised financing initiative designed to support women entrepreneurs in the Maldives. Developed in partnership with the Ministry of Economic Development and Trade and the SME Development Finance Corporation (SDFC), applications for this phase will open on 15 June 2025.
This dedicated scheme is designed to provide accessible financing options to women-led startups and small businesses, particularly those excluded from traditional banking services. A total of MVR 100 million has been allocated for the initiative.
The loan offers up to MVR 500,000 with an annual interest rate of 6 percent, and a flexible repayment period of up to seven years, including a maximum 12-month grace period. Notably, no collateral is required, making the scheme more inclusive and accessible. Borrowers are expected to contribute any costs exceeding the loan amount as equity.
The programme targets women-led startups and businesses with annual revenues below MVR 1 million. However, restrictions apply for startups operating in sectors such as construction, retail and wholesale, cafés and restaurants, catering, and fuel-related businesses within the Greater Malé Region, in line with SDFC’s existing policies.
Similar to the first phase of this scheme, 25 percent of the allocated funds will be reserved for women with disabilities.
During his Presidential address in February this year, he noted that 60 recipients had already received financial assistance in loans under this scheme last year. He also noted that the government would open for loans this year as well.
