The SME Development Finance Corporation (SDFC) has announced plans to issue “Fashaa Madhadhu” loans to support 60 women entrepreneurs across the Maldives. This newly introduced loan scheme aims to provide accessible financing to women, particularly those who face challenges in accessing conventional banking services.
Under the scheme, eligible women entrepreneurs can secure loans of up to USD 32,425 at a 6% interest rate. The loan package includes a 12-month grace period, with the option to repay over a span of up to seven years. The total allocation for the programme stands at USD 907,911, providing substantial financial assistance to recipients.
SDFC revealed that decisions have already been finalised to issue loans to 60 women under this scheme, including 16 individuals from the atolls. The announcement was made following a ceremony where letters of approval were handed out to successful applicants.
Speaking at the event, SDFC’s Managing Director, Aishath Fifsheen Ali, highlighted the scheme’s significance in increasing the number of loans issued to women compared to previous years. She noted that this initiative would enable more women to access the financing they need to grow their businesses and achieve their entrepreneurial goals.
In addition to the “Fashaa Madhadhu” loan scheme, SDFC has introduced complementary financial products, including leasing options tailored specifically for women. This move is part of a broader strategy to promote women’s economic empowerment and encourage female-led enterprises across various sectors in the Maldives.
The launch of these schemes is expected to enhance financial inclusion for women, particularly in remote areas where access to funding remains a significant barrier. By offering flexible repayment terms and competitive interest rates, SDFC aims to empower women entrepreneurs, drive economic growth, and support the development of small and medium enterprises in the country.
