SME Digital has doubled the limit for each of the three financing facilities from USD 324,254 to USD 648,508, expanding access to finance for small and medium-sized businesses in the Maldives.
The increase applies to Asset Financing, Business Expansion Financing and Vessel Financing. SME Digital explained that the change responds to financing demand as small businesses grow rapidly, providing opportunities that better match their needs.
Asset Financing supports new and existing businesses in purchasing fixed assets. Business Expansion Financing caters to enterprises that have operated for at least two years, financing capital investment to expand their businesses, enter new markets, and develop additional sources of revenue.
For businesses requiring vessels, Vessel Financing covers purchases, construction, and work such as engine installation. New and existing enterprises can use the facility for diving dhonis, sport-fishing boats, excursion vessels and boats used for fishing.
SME Digital noted that ready access to financing at appropriate levels supports businesses seeking to expand their operations. Chief Executive Officer Badhurudheen stressed that financing limits should not become an obstacle to any business’s progress.
Chief Executive Officer Badhurudheen described the increase as a beneficial change and reiterated SME Digital’s commitment to meeting businesses’ financing needs. He explained that the company works as a partner to help businesses reach the next stage of development.
Businesses can submit applications for the facilities through the SME Portal at www.smedigital.mv.