Efforts are underway to increase the relief loan package designated for freelancers and self employed to MVR 30,000, says Economic Minister Fayyaz Ismail.
The loan product launched under the name “COVID-19 Viyafaari Ehee” by collaboration of the Economic Ministry and the SME Develeopment Finance Corporation is part of Economic Recovery Package announced by the Ministry of Finance.
SDFC claims that the product is introduced to provide a relief to one of most severely hit players of the economy; small medium enterprises, self employed and freelance workers. The scheme would work as a short-term financing facility for SMEs to meet their current operational requirements and to provide financial assistance for self-employed individuals and freelance workers.
In the guidelines released by SDFC, the maximum loan amount for self employed is MVR 18,000. The individual also should have worked in 06 of the last 12 months and earned a verifiable income during this period to be able to the loan.
More recently, Economic Minister has conducted an online meeting with freelancers to address their concerns via Zoom. In the meeting the minister agreed on the fact that MVR 18,000 is a small amount, and assured that work is underway to increase the amount to a more reasonable MVR 30,000.
Minister also highlighted that applications are open for the grant and loan schemes for everybody who have been affected by the pandemic.