Deadline for Small Business Financing Ends Tomorrow

Application deadlines close tomorrow for two significant financing schemes, “Kandufalhuge Nafaa” (Seafaring Profit) and “Fashaa Madhadhu” (Seed Aid), reminds the Small and Medium Enterprises Development Finance Corporation (SDFC).

Under the “Kandufalhuge Nafaa” initiative, businesses involved in reef fishing can apply for accessible financing options by submitting loan applications by April 30, 2024. 

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The scheme seeks to support activities such as vessel purchase, construction, modification, and mechanisation while prioritising sustainable practices and responsible resource management within the fisheries industry. 

Some of the critical features of the loan scheme include loan amounts of up to MVR700,000, competitive interest rates set at 5% per annum, and a flexible repayment period of up to 10 years, including a maximum grace period of 6 months.

Likewise, the “Fashaa Madhadhu” programme is designed for women entrepreneurs and offers loan and leasing options.

The “Fashaa Madhadhu” loan caters to women facing challenges securing financing from traditional banks due to irregular income sources. Eligible applicants can access loan amounts ranging from MVR 100,000 to MVR 500,000, with competitive terms including a twelve-month grace period, a seven-year repayment term, and a 6% interest rate.

The “Fashaa Madhadhu Leasing” programme targets women operating personal businesses, freelancers, and home-based enterprises. The scheme allows applicants to purchase essential goods with loans ranging from MVR 10,000 to MVR 100,000 at an 8% interest rate. Financing limits are determined based on verified income through banking records, and repayment begins six months after the purchase, spread over five years.