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SDFC

About Us

SME Development Finance Corporation (SDFC) stands as the Maldives' dedicated financial institution focused on empowering micro, small, and medium enterprises (MSMEs). Established in 2019, we provide accessible and affordable financing solutions that enable local businesses to start, grow, and thrive in today's competitive market. Our commitment to offering soft financing opportunities has made us an essential partner for entrepreneurs and business owners looking to establish new ventures or expand existing operations.

Operating under a robust financial institution license granted in February 2019, SDFC is strengthened by its prestigious shareholders, including the Government of Maldives, Male' City Council, Addu City Council, and Fuvahmulah City Council. This strong institutional foundation enables us to serve as a comprehensive financial partner, increasing business participation in the economy and fostering sustainable growth across the Maldives. Through our targeted financial assistance programs, we continue to play a vital role in developing the nation's business landscape and supporting economic diversification.

Financing Options

Priority

Sectors

Our key focus is to develop loan products and enable growth of businesses in the following sectors:

Tourism
Agriculture
Manufacturing
Fisheries
ICT
Our

Products

Rashu

Fathuru

Rashu Fathuru loan product is introduced with the aim of developing local tourism within the atolls by enabling emerging local SMEs in the private sector to establish themselves in the Maldives tourism industry. Rashu Fathuru loan will cater to the needs and requirements of new as well as existing businesses looking to take on local tourism opportunities.

CAN BE USED FOR:

Development of new guesthouses (financing restricted towards development of new guesthouse in Greater Male’ Area and K.Maafushi)
Maintenance and Renovation of existing guest houses
Development of tourism and travel support services
Working Capital Requirement
Marketing and Advertisement
Technological Innovations

KEY FEATURES

Loan amount from MVR200,000 to MVR5,000,000

Interest rate from 4% - 9% per annum

Equity requirement based on project (maximum 20% of the total project)

Repayment period up to 10 years (maximum grace period of 18 months)

Business will be required to provide a security (offered security must meet the minimum criteria required by SDFC);

  • Based on risk of the business/project
  • For all loan amounts above MVR500,000 (applicable for startup businesses and businesses in operation for less than 6 months)
  • For all loan amounts above MVR1,000,000 (applicable for businesses in operation for 6 months and more)

Guesthouses financed from SDFC should meet the guesthouse regulations published by the Government of Maldives

Financing restricted towards development of new guesthouses with less than 6 rooms

Viyafaari

Ehee

We at SDFC strongly believes that small businesses need financial support to meet their business needs. Our ‘Viyafaari Ehee’ loan product allows such businesses to meet their short-term needs without having to go through the hassle of meeting the rigorous eligibility criteria of other banks.

CAN BE USED FOR:

Trade finance (inventory purchase and short-term working capital)
Financing projects and contracts

KEY FEATURES

Trade financing;

Loan amount up to MVR3,000,000

Interest rate of 9.5% per annum

Repayment period up to 5 years (maximum grace period of 3 months)

Business will be required to provide a security (offered security must meet the minimum criteria required by SDFC);

  • Based on risk of the business/project
  • For all loan amounts above MVR1,000,000

Business should have been in operation for a minimum of 1 year

Financing projects and contracts;

Businesses in operation for less than 2 years will be eligible for a maximum loan amount of MVR1,000,000

Business in operation for 2 years and more, will be eligible for a maximum loan amount of MVR2,000,000

Finance up to 60% of total contract value

Interest of 9.5% per annum

Repayment period up to 12 months (inclusive of the project tenor and a maximum 3 months)

Businesses will be required to service monthly interest. Upon expiry the business will then be required pay back the loan amount in full

Business should be in operation for a minimum of 1 year.

Dhanduveri

Nafaa

SDFC is collaborating with Ministry of Fisheries, Marine Resources and Agriculture to provide easily accessible financing options to parties involved in the agriculture sector. Being one of the priority sectors, SDFC gives utmost importance to cater to the needs and requirements of this sector. We believe that the sector growth can be boosted to contribute more to the economy.

CAN BE USED FOR:

Use of technology for farming (urban agriculture, protected farming, vertical farming etc.)
Poultry farming and livestock farming
Agroforestry / Plant nurseries
Value addition activities

KEY FEATURES

Loans up to MVR100,000 without any security or equity requirement

Loan amount up to MVR2,000,000

Interest rate of 6% per annum

Equity investment of 10 - 15%

Repayment period up to 7 years (maximum grace period of 12 months)

Business will be required to provide a security (offered security must meet the minimum criteria required by SDFC);

  • Based on risk of the business/project
  • For all loan amounts above MVR1,000,000

Harumudha

Our ‘Harumudhaa’ loan product allows SME businesses to acquire assets to meet their long term investment needs.

CAN BE USED FOR:

Purchase of new machinery, equipment, vehicles, and vessels for business use (however, financing has been restricted towards startup passenger ferry services)

KEY FEATURES

Loan amount from MVR100,000 to MVR5,000,000

Interest rate from 4% - 9% per annum

Equity requirement based on project (maximum 20% of the total project)

Repayment period up to 10 years (maximum grace period of 12 months)

Business will be required to provide a security (offered security must meet the minimum criteria required by SDFC);

  • Based on risk of the business/project
  • For all loan amounts above MVR500,000 (applicable for startup businesses and businesses in operation for less than 6 months)
  • For all loan amounts above MVR1,000,000 (applicable for businesses in operation for 6 months and more)

Business should be in operation for a minimum of 2 years (exclusive of newly purchased vessels)

Purchase and renovation of all types of vessels, including startup businesses (acquisition of new vessel, renovation of existing vessel, mechanization of vessel)

Financing restricted towards fishing and cargo vessels over the age of 5 years (from the registration date)

Maximum MVR 2,000,000 financed for vessels over the age of 5 years (excluding vessels utilized for fishing and logistics) with satisfactory independent valuation from a SDFC accepted valuer

Financing restricted towards locations where Government has completed or commenced the installation of ice plants

Viyafaari

Tharaggee

Our ‘Viyafaari Tharaggee’ loan product caters to the needs of SME businesses in various sectors of our current economy. The product is specifically targeted towards expansion of existing businesses and to encourage long term investments by enabling ongoing businesses to develop.

CAN BE USED FOR:

Expansion and development of existing businesses
Scaling up business such as adding floor space, increasing capacity etc
Adding new product line or new service within the same business line
Renovate/upgrade business premises, equipment, machinery

KEY FEATURES

Loan amount up to MVR5,000,000

Interest rate from 4% - 9% per annum

Equity requirement based on project (maximum 20% of the total project)

Repayment period up to 10 years (maximum grace period of 12 months)

Business will be required to provide a security (offered security must meet the minimum criteria required by SDFC);

  • Based on risk of the business/project
  • For all loan amounts above MVR1,000,000 (applicable for businesses in operation for 6 years and more)

Business should have been in operation for a minimum of 2 years

Expansion of business within same sector shall be financed under Viyafaari Tharaggee Loan. However, diversification into new business lines shall be financed under Fashaa Viyafaari loan product.

Financing towards new ice plants restricted in locations where Government has completed or commenced the installation of ice plants

FASHAA

VIYAFAARI

Our ‘Fashaa Viyafaari’’ loan product is targeted towards encouraging entrepreneurship opportunities by providing startup finance to promote investments in the country. It allows new businesses to invest in fixed assets and finance their working capital needs.

CAN BE USED FOR:

Financing new businesses and startup investments
Existing businesses diversifying into new sectors
Fashaa Viyafaari Loan can be financed towards businesses engaged in manufacturing, fitness and health, information communication technology, franchising, sole distributorship and etc. Businesses can contact SDFC for more information on Fashaa Viyafaari Loans and business activities applicable for this loan.
The following businesses will not be applicable for financing under Fashaa Viyafaari Loan;
  • Startup retail, wholesale, café, restaurant, catering services, construction business in Maldives
  • Startup fuel businesses in Greater Male Region

KEY FEATURES

Loan amount up to MVR2,000,000

Interest rate from 4% - 9% per annum

Repayment period up to 10 years (maximum grace period of 18 months)

Equity requirement based on project (maximum 20% of the total project)

Business will be required to provide a security (offered security must meet the minimum criteria required by SDFC);

  • Based on risk of the business/project
  • For all loan amounts above MVR500,000 (applicable for startup businesses and businesses in operation for less than 6 months)
  • For all loan amounts above MVR1,000,000 (applicable for businesses in operation for 6 months and more)
KANDUFALHUGE NAFAA

LOAN FOR FACILITATION OF RSW SYSTEMS

SDFC is collaborating with the Ministry of Fisheries and Ocean Resources to provide easily accessible financing options towards the facilitation of RSW systems in fishing vessels. The purpose of this loan program is to aid the overall sustainability and development of the fishing industry.

Eligibility Criteria

Must be a fiber fishing vessel.
Fishing vessels must have a valid fishing license at the time of loan application (for existing fishing vessels)
Borrower(s) and fishing vessels must be fully clear of all overdue fines from the Ministry of Fisheries and Ocean Resources in full.
Borrower(s) shall meet all the standard criteria set by SDFC for loan facilities.

Key Features

Loan amounts up to MVR500,000

Interest rate of 6% per annum

Repayment period up to 6 years (Inclusive of a maximum grace period of 6 months)

Borrower(s) to bear any additional costs exceeding the loan amount as equity investment

Borrower(s) will be required to provide security (must meet SDFC’s minimum criteria);

  • If the fishing vessel proposed to be installed with (RSW) system is a new vessel
  • If the fishing vessel proposed to be installed with (RSW) system does not have a valid fishing license
KANDUFALHUGE NAFAA

LOAN FOR REEF FISHING ACTIVITIES

SDFC is collaborating with the Ministry of Fisheries and Ocean Resources to provide easily accessible financing options for businesses engaged in reef fishing activities. The purpose of this loan program is to aid the overall sustainability and development of the fishing industry.

Can be used for

Purchase/Building reef fishing vessels (purchase of secondhand vessels limited to vessels less than 5 years old from the date of registration)
Modification of Existing Vessels for Reef Fishing
Mechanization of Reef Fishing Vessels   
Purchase of Fixed Assets, Machinery & Equipment, limited to   
  • Equipment and assets used on the vessel
  • Machinery, equipment, and material used for fish processing and packaging 
  • Storage assets and equipment for fish preservation  

Key Features

Loan amounts up to MVR700,000

Interest rate of 5% per annum

Repayment period up to 10 years (inclusive of a maximum grace period of 6 months)

Borrower(s) to bear any additional costs exceeding the loan amount as equity investment.

All vessels financed under this loan product will mortgaged toward the loan facility

KANDUFALHUGE NAFAA

LOAN FOR SETUP OF ICE PLANT

SDFC is collaborating with the Ministry of Fisheries and Ocean Resources to provide easily accessible financing options towards setup of ice plants in islands engaged in reef fisheries. The purpose of this loan program is to aid the overall sustainability and development of the fishing industry.

Can be used for

Purchase of ice plants and generator (inclusive of all shipping costs, operationalization, and installation)
Construction of the ice plant building

Key Features

Loan amounts up to MVR2,000,000

Interest rate of 5% per annum

Repayment period up to 10 years (inclusive of a maximum grace period of 10 months)

Borrower(s) to bear any additional costs exceeding the loan amount as equity investment

Borrower(s) will be required to provide security (must meet SDFC’s minimum criteria)

  • Based on the risk of the business/project 
  • For all loan amounts above MVR1,000,000  

Borrower(s) with an approved facility to set up an ice plant will be eligible to have 30% of their loan relieved as a grant. The grant amount shall be deducted from the outstanding loan amount, where eligible, upon completion of the following conditions:

  • To complete and commence business operation of the ice plant within one year following the initial disbursement.
  • There shall be no overdue under the facility which was utilized towards the ice plant
TAXI

NAFAA

“Taxi Nafaa" loan product is introduced for the purpose of providing accessible financing options for taxi drivers in the Maldives.

Target Activities

Existing Taxi Replacement
Existing Taxi Driver
New Taxi Driver

Useful Downloads:

Key Features

Loan amount up to MVR300,000

Interest rate of 6% to 8% per annum

Repayment period up to 5 years (maximum grace period of 6 months).

Additional guarantor is mandatory (verifiable salaried/rental income for the past 6 months only).

Vehicle to be purchased from empaneled vendors with SDFC.

If the project cost exceeds MVR300,000, applicant to bear any additional costs for the facilitation as an equity investment.

For new taxi drivers, 15% of the project cost should be invested by the applicant as equity.

Eligibility Criteria
Existing Taxi Replacement
Existing Taxi Driver
New Taxi Driver
1. Taxi must have been in operation for the past year with a valid taxi permit. 1. Taxi Driver Permit Holder (should have operated as a taxi driver for 1 year) 1. Taxi Driver Permit Holder
2. Age of the car: 10 years and more 2. For taxi service provision in the Greater Male region and Cities 2. For taxi service provision in the Greater Male region and Cities
FANNUVERI

NAFAA

The "Fannuveri Nafaa" loan product is introduced with the purpose of providing accessible financing to aid in the overall sustainability and development of the creative industry in the Maldives.

Target Activities

Creative Arts & Music Instructor
Musicians/Music Composers
Authors
Artists/Painters
Animators
Designers (inclusive of web, graphic, creative, interior)
Singer/Vocalist
Film Producers

Eligibility Criteria

The applicant should be registered as an Artist at National Center for The Arts.
The applicant should have been engaged in the creative arts and music sectors for a minimum of one year.
Additional co-borrower, if applicable (verifiable salaried or rental income for the past 6 months)

Useful Downloads:

Key Features

Loan amount from MVR50,000 to MVR250,000

  • The eligible limit will be decided based on the verified income routed through the bank account statement.
  • The eligible limit can also be increased with the inclusion of a co-borrower based on their capacity.

Interest rate of 6% to 8% per annum

Repayment period up to 5 years (maximum grace period of 6 months)

FASHAA

MADHADHU

SDFC is collaborating with the Ministry of Economic Development & Trade (MoEDT) and Ministry of Social and Family Development (MoSDF) to offer accessible financing options to women entrepreneurs, especially who are excluded from conventional banking.

Targeted activities:

All activities (current restrictions of SDFC apply to start-up businesses engaged in the following activities)
  • Construction
  • Retail and wholesale
  • Café/restaurant
  • Catering
  • Fuel businesses in Greater Male’ Region

Key Features

Loan amount up to MVR500,000

Interest rate of 6% per annum

Repayment period up to 7 years (inclusive of a maximum 12 months grace period)

Borrower(s) to bear any additional costs exceeding the loan amount as equity investment

No collateral requirement

Targeted for startups, and existing businesses with annual revenue less than MVR1.0 million.

DHANDUVERI

MANFAA GRANT

Dhanduveri Manfaa is a product created in collaboration with Ministry of Agriculture and Animal Welfare to provide easily accessible financing options for purchase of greenhouse and to incorporate climate smart technologies in traditional agricultural practices. This Product is funded by International Fund for Agriculture Development (IFAD) to aid the overall sustainability and development of the agriculture industry.

Financing is issued under two categories:

  1. Grant and Self finance
  2. Grant and Dhanduveri Nafaa Loan

Targeted activities:

Can be used for
  • Purchase of greenhouse
  • Purchase of irrigation and fertigation system
  • Purchase of climate smart technology

Key Features

Grant amounts up to MVR150,000 (Up to 30% - 50% of the project cost).

Equity investment of 50% - 70% of the project cost.

Project location should be (selected) islands from Ha, HDh and Sh (List)

Applicant should have minimum of 1 year experience in agriculture farming.

Applicant should not have received a grant from from government entities for agribusiness projects.

Priority will be given to applicants who are involved in MAP project activities and registered as IFF members.

DHANDUVERI

MANFAA GRANT AND LOAN

Dhanduveri Manfaa is a product created in collaboration with Ministry of Agriculture and Animal Welfare to provide easily accessible financing options for purchase of greenhouse and to incorporate climate smart technologies in traditional agricultural practices. This Product is funded by International Fund for Agriculture Development (IFAD) to aid the overall sustainability and development of the agriculture industry.

Financing is issued under two categories:

  1. Grant and Self finance
  2. Grant and Dhanduveri Nafaa Loan

Targeted activities:

Can be used for
  • Purchase of greenhouse
  • Purchase of irrigation and fertigation system
  • Purchase of climate smart technology

Key Features

Grant

Grant amounts up to MVR150,000 (Up to 30% - 50% of the project cost).

Minimum equity investment of 10% to 15% of the project cost (Equity investment can be covered from the grant)

Project location should be (selected) islands from Ha, HDh and Sh (List)

Applicant should have minimum of 1 year experience in agriculture farming.

Applicant should not have received a grant from from government entities for agribusiness projects.

Priority will be given to applicants who are involved in MAP project activities and registered as IFF members.

Dhanduveri Nafaa Loan

Loan amounts up to MVR2,000,000

Minimum equity investment of 10% to 15% of the project cost (Equity investment can be covered from the grant)

Interest rate of 6% per annum

Loan Repayment period up to 7 years (maximum grace period of 12 months)

Business will be required to provide a security (offered security must meet the minimum criteria required by SDFC):

  • Based on risk the business/project
  • For the loan amounts above MVR700,000
Murabahah RSW

FINANCING

SDFC is collaborating with the Ministry of Fisheries and Ocean Resources, Ministry of Finance and Islamic Development Bank to provide easily accessible financing options towards the overall sustainability and development of the fisheries industry.

CAN BE USED FOR:

Purchase of fish preservation mechanism (RSW system) in fishing vessels.
Purchase of Generator set in fishing vessels
Purchase of solar power panel system to be utilized in fishing vessels

Key Features

Can apply for existing fishing vessels operating in Maldives or vessels in an operational condition

Finance amounts up to MVR2,000,000

Profit rate of 6% per annum

Payment period up to 10 years (maximum grace period of 6 months)

Applicant to bear any additional costs exceeding the approved financing amount as equity investment

No collateral required

Vessel should be above 50ft and should have a minimum fish holding capacity of 15 tonnes.

Quotation Submission:

  • Submit a quotation of a SDFC empaneled vendor Link (or)
  • If the customer wishes to purchase goods from local vendor, not empaneled in SDFC, the vendor must complete the empanelment process (or)
  • Customer can submit quotation from a foreign vendor, where customer shall act as agent.
FASHAA

MADHADHU LEASING

SDFC is collaborating with the Ministry of Economic Development & Trade (MoEDT)) to offer accessible financing options for women-involved businesses to promote women entrepreneurship in the country

Can be used for:

Purchase of fixed assets (excluding stock purchase and working capital)

Key Features

Applicant can be Self-employed, freelance, home-based workers and existing businesses in operation

Business should be in operation for more than 6 months. (unregistered businesses will be required to register as a SME upon acceptance of submission)

Finance amount between MVR10,000 and MVR100,000

Interest rate of 8% per annum

Payment period up to 5 years (inclusive of maximum grace period of 6 months)

Equity investment not required

No collateral required

LOAN
LOAN REPAYMENT CALCULATOR (EMI)

LOAN AMOUNT
MVR
INTREST RATE (%)
REPAYMENT PERIOD (YEARS)
GRACE PERIOD (MONTHS)
Kindly note that this is an estimate, and the actual repayment amount may differ.
Murabahah RSW

FINANCING

SDFC is collaborating with the Ministry of Fisheries and Ocean Resources, Ministry of Finance and Islamic Development Bank to provide easily accessible financing options towards the overall sustainability and development of the fisheries industry.

CAN BE USED FOR:

Purchase of fish preservation mechanism (RSW system) in fishing vessels.
Purchase of Generator set in fishing vessels
Purchase of solar power panel system to be utilized in fishing vessels

Key Features

Can apply for existing fishing vessels operating in Maldives or vessels in an operational condition

Finance amounts up to MVR2,000,000

Profit rate of 6% per annum

Payment period up to 10 years (maximum grace period of 6 months)

Applicant to bear any additional costs exceeding the approved financing amount as equity investment

No collateral required

Vessel should be above 50ft and should have a minimum fish holding capacity of 15 tonnes.

Quotation Submission:

  • Submit a quotation of a SDFC empaneled vendor Link (or)
  • If the customer wishes to purchase goods from local vendor, not empaneled in SDFC, the vendor must complete the empanelment process (or)
  • Customer can submit quotation from a foreign vendor, where customer shall act as agent.