As part of the economic relief package pertaining to the COVID-19 outbreak, The Ministry of Finance has 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 self-employed workers (with annual turnover less than MVR 10 million in 2019) who are facing difficulties in meeting their current operational requirements due to the ongoing pandemic.
Eligible individuals may apply for loans up to MVR 30,000 at 6% interest per annum for a 3-year period. A grace period of up to 6 months is offered during which no interest is charged, and no payment of principal or interest is required Funding is conditional on the individual having worked in 6 of the last 12 months and earned a verifiable income during this period.
| Businesses | Self-employed | Total | ||||
|---|---|---|---|---|---|---|
| Count | MVR | Count | MVR | Count | MVR | |
| Total Received | 2,033 | 574.7 | 2,053 | 52.5 | 4,086 | 627.2 |
| Total Approved | 1,519 | 360.5 | 685 | 20.5 | 2,204 | 381 |
| Total Rejected | 79 | 21 | 626 | 18.3 | 705 | 39.3 |
| Total Sanctioned | 1,519 | 360.6 | 685 | 20.5 | 2,204 | 381.1 |
| Total Disbursed | 1,464 | 348 | 669 | 20 | 2,133s | 368t |
Notes:
| Total Received | Total Approved | |||
|---|---|---|---|---|
| Count | Requested MVR | Count | Approved MVR | |
| Total | 4,086 | 627.2 | 2,133 | 368 |
| Agriculture | 29 | 4.8 | 14 | 2.2 |
| Commerce | 1,091 | 298.2 | 816 | 194 |
| Construction | 297 | 99.5 | 195 | 56.3 |
| Fishing | 40 | 10.7 | 20 | 4 |
| Manufacturing | 151 | 35.8 | 110 | 18.1 |
| Tourism | 320 | 96 | 230 | 54 |
| Transport | 105 | 29.7 | 79 | 19.4 |
| Self Employed | 2,053 | 52.5 | 669 | 20 |
| Total Received | Total Approved | |||
|---|---|---|---|---|
| Count | MVR | Count | MVR | |
| Total | 947 | 183.6 | 576 | 117.4 |
| Businesses | 576 | 174 | 445 | 113.5 |
| Self-employed | 371 | 9.6 | 131 | 3.9 |
