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: 25 June 2020
Businesses Self-employed Total
    Count MVR Count MVR Count MVR
Total Received   1,451 406.5 1,066 24.5 2,517 431
Total Approved   1,062 253.3 401 11.9 1,463 265.2
Total Rejected   45 5.1 283 3 328 8.1
Total Sanctioned   1,008 238.1 378 10.8 1,386 248.9
Total Disbursed   685 100.8 272 8.1 957 108.9

Notes:

*Figures for Approved and Sanctioned applications include all applications that have been processed to these stages or beyond by the cut-off date. Therefore, there will be an overlap between approved, sanctioned and disbursed applications figures.
*All the applications received have been attended. There are 188 applications pended due to incomplete documentations which are being followed up.
*429 sanction issued (emailed) to customer and awaiting for signed scanned copy.
*Maximum cap for Business is MVR500K (minimum MVR30K) and for self employed it is MVR30K (product revised).
*Applications received for Self employed/Freelance are mainly from Taxi Drivers, Resort Musician/DJs, homebased workers such as tailors & short eat makers, bakers, Consultancy providers and Customs Clearance workers (majooreen).


COVID-19 SDFC Loan Applications by Sector

(in millions of MVR)
Total Received Total Approved
  Count Requested MVR Count Approved MVR
Total 2,517 431 1,463 265.3
Agriculture 12 2.3 6 0.8
Commerce 769 206.7 571 137.4
Construction 188 59.5 139 38
Fishing 30 8.1 16 2.9
Manufacturing 103 27 76 14.8
Tourism 265 77.4 196 43.5
Transport 84 25.5 58 16
Self Employed 1,066 24.5 401 11.9


COVID-19 SDFC Loan Applications Made by Females

(in millions of MVR)
  Total Received Total Approved
    Count MVR Count MVR
Total   345 44.3 194 26.4
Businesses   174 40.4 124 24.3
Self-employed   171 3.9 70 2.1




Individuals & Households

Business Enterprises

Government Finances

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