SDFC Empowers Over 1,600 SMEs with USD108 Million in Loans, Bolstering Economic Growth

Small and Medium Enterprises (SMEs) have received a significant boost as the SME Development Finance Corporation (SDFC) disbursed USD108 million in loans to over 1,600 enterprises. This move reflects a steadfast commitment to nurturing economic growth and empowering the entrepreneurial landscape.

Latest statistics underscore the SDFC's pivotal role in the economic fabric, having provided USD108 million in loans to a diverse array of 1,638 businesses. Notably, these loans have been channeled into key sectors including local tourism, agriculture, fisheries, manufacturing, and information technology.

Established in 2019, SDFC has emerged as a specialized financial institution dedicated to extending financial products and ancillary services to Micro, Small, and Medium Enterprises (MSMEs) and budding startups. This initiative, backed by the government as a 100% state-owned company, aims to streamline access to finance for MSMEs, cultivating a vibrant economic ecosystem.

In sync with this dynamic initiative, the government's concerted efforts to provide opportunities to SMEs have reached new heights. The Business Centre Corporation (BCC) spearheaded the establishment of the SME Hub in Male’ City in December 2022. This innovative hub serves as a catalyst for businesses, offering a platform to market and sell products. It notably empowers women engaged in home-based businesses by affording them an equal stage to showcase their services.

As SDFC continues to drive financial empowerment among SMEs, these initiatives stand as testament to the collaborative commitment to bolstering economic resilience and creating fertile ground for entrepreneurial endeavors. The infusion of USD108 million into over 1,600 SMEs reinforces the transformative power of strategic financial support in propelling business growth and the nation's economic prosperity.