The SME Development Finance Corporation (SDFC) has opened applications for a new financing scheme aimed at encouraging and empowering women to enter the business sector.
The initiative seeks to enhance women’s economic independence and promote women-led businesses by providing flexible financial assistance to women entrepreneurs. Under this scheme, SDFC will offer financing to both start-ups and existing businesses in various sectors.
Under the new scheme, SDFC will provide Shariah-compliant financing, with financing amounts ranging from USD 1620 to USD 16,210. The facility will be repayable up to seven years, with a maximum grace period of 12 months. The financing carries an annual interest rate of 9.5 percent and does not require any collateral.
Through this scheme, women will gain access to essential financial resources to start and expand their businesses, in turn, becoming active contributors to the nation’s economic growth and development.
SDFC’s Chief Executive Officer Badhurudheen Hassan described the scheme as a valuable opportunity to showcase the skills and abilities of Maldivian women entrepreneurs. He noted that the scheme would support women in launching their own ventures and achieving sustainable growth.
The opportunity to apply for the scheme is now open through the SME Portal on the SDFC website.
In addition to the newly launched scheme, SDFC is already providing financing under the 2024 Fashaa Madhadhu Start-Up Loan scheme, conducted in collaboration with the Ministry of Economic Development and Trade and the Ministry of Social and Family Development.