Applications Open for Second Phase of ‘Fashaa Madhadhu’ Loan Scheme
Photo: Rashu Expo
The SME Development Finance Corporation (SDFC) has opened applications for the second phase of its ‘Fashaa Madhadhu’ loan scheme, a programme tailored to support women entrepreneurs.
The initiative forms part of a broader commitment by President Dr Mohamed Muizzu to enhance economic opportunities for women. Designed to promote financial inclusion, the scheme aims to address structural barriers that have traditionally hindered female participation in the business sector.
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The loan scheme is being implemented in five phases, with a total funding allocation of USD 6.49 million. The second phase, like the first, has been allocated USD 1.30 million. To ensure wider access, 25 percent of the funds in each phase have been reserved for persons with disabilities.
Financial assistance is directed towards individuals seeking to establish new businesses, with loan amounts ranging from USD 6,485.88 to USD 32,429.58. Beneficiaries will receive loans at an annual interest rate of six percent and may benefit from a grace period of up to 12 months. The repayment period extends over seven years, offering greater flexibility in financial planning.
The scheme is being implemented in collaboration with key government institutions, including the Ministry of Economic Development and Trade and the Ministry of Social and Family Development, with the SDFC leading its execution.
