SME Bank Will Have Positive Impact on Economy – Mr. Fazeel

Inauguration of the SME Bank which is to assist the small and middle scale businesses in Maldives is to bring a positive impact on the economy as per the former governor of Maldives Monetary Authority, Mr. Fazeel Najeeb.

SME Development Finance Corporation Private Limited (SDFC) is the first ever financial institution in Maldives to assist the small and middle scale businesses financially. The operation SDFC officially began on 18th March 2019.

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Issuing loans to small and middle scale businesses would help them grow as businesses. This would have a positive impact on the economy, including the increase in job opportunities as per Mr. Fazeel. Moreover, SME Bank would only be issuing loans to the small and middle scale businesses of Maldives unlike every other bank operated in Maldives at the moment. The interest rate is low and security offered would be high by SME.

SME is set to issue loans businesses regarding local tourism, agriculture and production, information technology and fisheries industry. Loans are issued with 6 to 9.5 interest and can be paid back within a period of 7 years.

Some loans issued by SME is targeted to young businessmen, businesswomen, and business people with special needs. Introduction of SME Bank, targeting the small and middle scale businesses in one of the 100 days pledges of the government.