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.
| 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 |
