SDFC Clarifies Loan Availability

The SME Development Finance Corporation (SDFC) has issued a statement clarifying the ongoing availability of its loan products. The statement comes after some confusion surrounding earlier reports about a temporary suspension of loan applications.

SDFC confirmed that while they typically pause taking loan applications at the end of each year, this is standard practice and not a permanent suspension. Loans will recommence in April as usual. Furthermore, the SDFC emphasised that certain loan products, such as those for agriculture, remain open for applications. The corporation added that its customer portal is available for loan applications.

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SDFC provides loans across eight primary economic sectors: local tourism, agriculture, fisheries, manufacturing, information technology, commerce, transport, and construction. Loan disbursements typically range between MVR 500,000 and MVR 1 million.

Launched in March 2019, the SDFC offers financial assistance to small and medium-sized enterprises at competitive interest rates. Additionally, they focus on enhancing financial literacy and providing market opportunity information.

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