COVID-19 Recovery Loan Scheme For SMEs

As part of the economic relief package pertaining to the COVID-19 outbreak, The Ministry of Finance has also partnered with the SME Development Finance Corporation (SDFC) to administer the COVID-19 Recovery Scheme targeted towards SMEs and self-employed/ freelance individuals.

The scheme is implemented via the COVID-19 Viyafaari Ehee loan product by SDFC. It is targeted towards SMEs (with annual turnover of less than MVR 10 million in 2019) facing difficulties in meeting their current operational requirements due to the ongoing pandemic.

Eligible SMEs may apply for loans up to 10% of its annual sales turnover for the past year (capped up to MVR 500,000) at 6% interest per annum for a 3-year period. The repayment period excludes the grace period up to 6 months in which no interest is charged. Funding is contingent on SMEs not laying off local employees due to the COVID-19 outbreak and during the funding period.

Factsheet (Dhivehi)




COVID-19 SDFC Loan Applications

(in millions of MVR)
Data: 15 October 2020
Businesses Self-employed Total
    Count MVR Count MVR Count MVR
Total Received   1,889 520 1,856 46.7 3,745 566.7
Total Approved   1,412 335.4 621 18.5 2,033 353.9
Total Rejected   65 18 544 15.8 609 33.8
Total Sanctioned   1,368 325.1 610 18.7 1,978 343.8
Total Disbursed   1,254 283.2 561 16.8 1,815 300

Notes:

*All the applications received have been attended. There are 102 applications pended due to incomplete documentations which are being followed up


COVID-19 SDFC Loan Applications by Sector

(in millions of MVR)
Total Received Total Approved
  Count Requested MVR Count Approved MVR
Total 3,745 566.7 2,033 353.9
Agriculture 24 4.1 13 2.2
Commerce 1,014 268.4 772 184.4
Construction 260 83.4 191 54.6
Fishing 39 10.6 21 4.1
Manufacturing 142 34.5 110 18
Tourism 308 89.8 229 52.7
Transport 102 29.2 76 19.4
Self Employed 1,856 46.7 621 18.5


COVID-19 SDFC Loan Applications Made by Females

(in millions of MVR)
  Total Received Total Approved
    Count MVR Count MVR
Total   861 167.8 532 110.3
Businesses   535 159.5 419 106.9
Self-employed   326 8.3 113 3.4





Individuals & Households

Business Enterprises

Government Finances

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