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.


COVID-19 SDFC Loan Applications

(in millions of MVR)
Data: 08 June 2023
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 Disbursed figures have been updated for the Loan Application Status as of 08 June 2023. Total Approved figures have been updated for the Loan Applications by Sector. Applications made by females have not been updated since 01 April 2021.

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 2,133 368
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

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