The SME Development Financing Corporation (SDFC) has announced a new loan program specifically designed to support women-owned businesses in the Maldives.
The program, titled “Fashaa Madhadhu” (Initial Help), offers both a loan and leasing option. Applications for both the “Fashaa Madhadhu” loan and “Fashaa Madhadhu Leasing” will be accepted until March 3rd of this year.
The establishment of this women-focused financing facility aligns with the government’s commitment to empowering women entrepreneurs, as outlined in its “week-14 agenda”. The “Fashaa Madhadhu” loan targets businesswomen who may face challenges securing financing from traditional banks due to irregular income sources. Eligible applicants can access between MVR 100,000 and MVR 500,000 with a twelve-month grace period, a seven-year repayment term, and a 6% interest rate.
The “Fashaa Madhadhu Leasing” program caters to women who own personal businesses, freelancers, and women operating home-based enterprises. This option allows women to purchase essential goods with loan amounts ranging from MVR 10,000 to MVR 100,000 at an 8% interest rate. Repayment begins six months after the purchase and can be spread over a five-year period. Financing limits will be determined based on the applicant’s income as verified through banking records.
