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: 26 November 2020
Businesses Self-employed Total
    Count MVR Count MVR Count MVR
Total Received   1,973 545.6 2,012 51.3 3,985 596.9
Total Approved   1,483 353.4 661 19.7 2,144 373.1
Total Rejected   72 18.9 590 17.2 662 36.1
Total Sanctioned   1,469 351.4 663 20.3 2,132 371.7
Total Disbursed   1,354 310.9 615 18.4 1,969 329.3


COVID-19 SDFC Loan Applications by Sector

(in millions of MVR)
Total Received Total Approved
  Count Requested MVR Count Approved MVR
Total 3,985 596.9 2,144 373.1
Agriculture 26 4.6 13 2.2
Commerce 1,060 282.6 817 195.2
Construction 280 90.5 202 58.8
Fishing 40 10.7 22 4.1
Manufacturing 148 35.4 113 18.5
Tourism 315 92.1 236 54.7
Transport 104 29.7 80 19.9
Self Employed 2,012 51.3 661 19.7


COVID-19 SDFC Loan Applications Made by Females

(in millions of MVR)
  Total Received Total Approved
    Count MVR Count MVR
Total   920 176.5 563 115.9
Businesses   559 167.2 439 112.2
Self-employed   361 9.3 124 3.7





Individuals & Households

Business Enterprises

Government Finances

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