Happy International Micro-Small-Medium Enterprises Day!
MSMEs must strengthen their ability to withstand shocks in the future, and initiatives and stimulus plans must focus on those who are most severely impacted by disruptions in global supply chains, rising inflation, and the on-going effects of the COVID-19 pandemic.
In these precarious times, policymakers must look beyond economic recovery and consider ways to reduce and eliminate the barriers MSMEs face, enhance the business environment, and increase access to finance, markets, and technology. It is crucial that nations and their development partners keep assisting and empowering MSMEs in order to help them reach their full potential by fostering innovation, creativity, and fair employment for all.
SDFC Maldives, also known as SME Development Finance Corporation, is a pioneer dedicated to providing financial support and ancillary services to MSMEs and entrepreneurial start-ups. The corporation is proud that for the past three years they have been able to offer their services to all of the atolls across the Maldives.
At the height of the pandemic in the Maldives, the corporation also provided loans totaling MVR 1Billion under the loan portfolio and around 2000 loans totaling MVR 374 Million under the COVID-19 "Viyafaari ehee" loan scheme that was carried out by the corporation. With the continued financial services and capacity building initiatives, SDFC continues to assist MSMEs in thriving.
90 percent of businesses, 60 to 70 percent of jobs, and 50 percent of global GDP are MSMEs as estimated by the UN. As the foundation of all societies, they support livelihoods and local and national economies, particularly for the working poor, women, young people, and vulnerable groups.
In accordance to this day, SDFC has announced a special webinar that will be hosted to get some insightful lessons on how MSMEs can tackle the changes in the market and economy and further progress in their sectors. Registrations are now available via https://bit.ly/3tXPwGl
