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: 17 September 2020
Businesses Self-employed Total
    Count MVR Count MVR Count MVR
Total Received   1,785 492.1 1,671 41.3 3,456 533.4
Total Approved   1,342 319.5 575 17.2 1,917 336.7
Total Rejected   61 17.1 496 14.6 557 31.7
Total Sanctioned   1,313 311.4 571 17.5 1,884 328.9
Total Disbursed   1,195 267.5 525 15.7 1,720 283.2

Notes:

*All the applications received have been attended. There are 102 applications pended due to incomplete documentations which are being followed up.
* 164 sanction issued (emailed) to customer, awaiting for signed scanned copies and funds for disbursement.


COVID-19 SDFC Loan Applications by Sector

(in millions of MVR)
Total Received Total Approved
  Count Requested MVR Count Approved MVR
Total 3,456 533.4 1,917 336.7
Agriculture 18 3.5 12 2.1
Commerce 947 249.5 729 174.2
Construction 249 79 180 50.5
Fishing 37 10.1 21 4.1
Manufacturing 134 32.7 99 17.5
Tourism 302 88.8 227 51.9
Transport 98 28.5 74 19.2
Self Employed 1,671 41.3 575 17.2


COVID-19 SDFC Loan Applications Made by Females

(in millions of MVR)
  Total Received Total Approved
    Count MVR Count MVR
Total   802 161.4 507 106.9
Businesses   519 154.3 404 103.8
Self-employed   283 7.1 103 3.1




Individuals & Households

Business Enterprises

Government Finances

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