COVID-19 Recovery Loan Scheme (Self-employed and Freelance Individuals)

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.

Factsheet (Dhivehi)



COVID-19 SDFC Loan Applications

(in millions of MVR)
Data: 11 February 2021
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   1,449 335.7 659 19.7 2,108 355.4


COVID-19 SDFC Loan Applications by Sector

(in millions of MVR)
Total Received Total Approved
  Count Requested MVR Count Approved MVR
Total 4,086 627.2 2,204 381
Agriculture 29 4.8 14 2.2
Commerce 1,091 298.2 845 201
Construction 297 99.5 204 59.4
Fishing 40 10.7 22 4.1
Manufacturing 151 35.8 116 18.6
Tourism 320 96 238 55.3
Transport 105 29.7 80 19.9
Self Employed 2,053 52.5 685 20.5


COVID-19 SDFC Loan Applications Made by Females

(in millions of MVR)
  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




Individuals & Households

Business Enterprises

Government Finances

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