SME bank; an initiative of President Solih to provide small and medium businesses a startup fund or capital boost to grow their businesses has begun accepting loan applications and giving them out to applicants.
After the introduction of SME Development Finance Corporation (SDFC)’s SME loans, over 250 applicants have submitted their forms states the Spokesperson of the President Mr Ibrahim Hood.
With MVR 23 million planned to be given out as loan, they will select 70-100 applicants in the first year of operations of the company. SDFC is a 100% government-owned company with all city councils having a 5% stake in the venture.
