Gov’t Announces Deadline for Reef Fisheries Loan

Loan applications to develop reef fisher activities will be accepted until 30 April 2024, Small and Medium Enterprises Development Finance Corporation (SDFC) said.

Dubbed ‘Kandufalhuge Nafaa’ (Seafaring Profit) , this initiative aims to provide accessible financing options to businesses involved in reef fishing activities.

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Among the eligible uses of the loan include the purchase or construction of reef fishing vessels, the modification of existing vessels for reef fishing, and the mechanisation of reef fishing vessels.

Additionally, funds can be allocated towards the acquisition of fixed assets, machinery, and equipment crucial to fishing operations, such as equipment for fish processing and packaging, as well as storage assets for fish preservation.

With the overarching goal of fostering sustainable development in the fisheries industry, the programme emphasises the importance of responsible resource management and the adoption of eco-friendly practices.

• Key features of the ‘Sea Profit’ loan scheme include:
• Loan amounts of up to MVR700,000
• Competitive interest rate set at 5% per annum
• Flexible repayment period of up to 10 years, inclusive of a maximum grace period of 6 months
• Borrower(s) are required to cover any additional costs exceeding the loan amount through equity investment
• All vessels financed under the scheme will be mortgaged towards the loan facility

Interested parties can find further information and access the application process through the SDFC portal.