SDFC

About Us

SDFC was established as a specialized financial institution providing financial products and ancillary services to MSMEs and entrepreneurial start-ups with the primary purpose of easing access to finance for MSMEs.

Our

Vision

The leading financial institution assisting and supporting the development of MSMEs in the Maldives for achieving inclusive, broad-based and robust economic growth.

Our

Mission

Support emergence and growth of MSMEs by providing solutions that cater to the financing needs of MSMEs and are widely accessible to MSMEs across the country.

Our

Philosophy

At SDFC we strongly believe that our customers are the heart of our organization. Our aim is to closely work with our clients in providing superior and high quality services with swift and timely output.

Our

Customers

SDFC encourages and supports local micro, small and medium sized enterprises and entrepreneurial start-ups to contribute to the local communities. We strongly believe in inclusive economic growth for the well-being of the entire population. In this manner, we will give priority to applications from women, youth and people with special needs to ensure that we create opportunities for all.

Priority

Sectors

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

  • Tourism (Local Tourism)
  • Agriculture
  • Manufacturing
  • Information and Communication Technology
  • Fisheries

Financing

Rashu

Fathuru

Rashu Fathuru 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 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:

Maintenance and Renovation of existing guest houses
Development of new guesthouses
Development of tourism and travel support services
Working Capital Requirement
Marketing and Advertisement
Technological Innovations

KEY FEATURES

Loan amount from
MVR 200,000 to MVR 5,000,000

Interest rates from 4% onwards

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

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

If loan amount exceeds more than MVR 1,000,000 SDFC accepted security mortgage required.

In development of new guesthouses, basic infrastructure of the Island, proximity to the nearest airport and unique selling point with tourist attractions will be considered

New guesthouses with less than 06 rooms will not be financed

Development of new guesthouse in Greater Male’ area and K.Maafushi will not be financed

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 of 9.5% per annum

Repayment period up to 5 years for working capital financing

Additional security required for loan amount above MVR1,000,000

Financing projects and contracts;

Business should be in operation for a minimum of 1 year

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

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

Finance up to 60% of total contract value

Interest of 9.5% per annum

Customers will be required to service monthly interest payments during the loan tenor

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

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 of MVR 100,000 without any security or equity requirement

Maximum loan amount for individuals is MVR 2,000,000

Interest of 6% per annum

Equity of 10 - 15%

Repayment period up to 7 years (Maximum grace period 12 months)

Additional security required for loan amount above MVR1,000,000

Harumudha

Our ‘Harumudha’ loan product allows SME businesses to acquire assets to meet their long term investment needs. The product is specifically targeted towards customers engaged in construction, fisheries, transportation, information communication technology and manufacturing sector.

CAN BE USED FOR:

Purchase of new machinery, equipment, vessels and vehicles for business use

KEY FEATURES

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

Interest rate from 4% p.a onwards

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

Repayment period up to 10 years (maximum grace period of 1 year)

If loan amount exceeds more than MVR 1,000,000 SDFC accepted security mortgage required.

Business should be in operation for a minimum of 02 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 will not be granted for vessels operated for fishing and cargo (logistics vessels) which are aged over 5 years (from the registration date)

Maximum MVR 2 million financed for vessels used over the age of 05 years (Excluding vessels used for Fishing, Cargo vessels) with satisfactory independent valuation.

Startup projects for passenger ferry services in areas with MTCC speed ferry service network is established and is to be established, will not be financed

Ice plant projects in locations where Government has commenced or planned for installation of ice plants will not be financed

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 MVR 5,000,000

Interest rate from 4% p.a. onwards

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

If loan amount exceeds more than MVR 1,000,000 SDFC accepted security mortgage required.

Repayment period up to 10 years (maximum grace period of 1 year)

Additional security required for loan amount above MVR1,000,000

Business should have been in operation for a minimum of 2 years(Businesses with revenue above MVR 10 million or if loan amount exceeds MVR 2 million, audited financials from a Maldives Inland Revenue Authority (MIRA) approved auditor will be required)

Expansion of business within same sector. Diversification into new business lines shall be financed under Fashaa Viyafaari loan product.

Ice plant projects in locations where Government has commenced or planned for installation of ice plants will not be financed

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

KEY FEATURES

Loan amount up to MVR 2,000,000

Interest rate from 4% p.a. onwards

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

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

If loan amount exceeds more than MVR 1,000,000 SDFC accepted security mortgage required.

Existing businesses within 01 year of operation will be eligible for additional stock purchase OR to meet the working capital requirement of the business.

Existing businesses diversifying into new sectors will be eligible for the diversification related financing.

Start-up of new retail shops (general trade and clothing), new café/restaurant will not be financed

KANDUFALHUGE

NAFAA

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

Eligibility Criteria

Must be a fiber fishing vessel
Fishing vessel must have been in operation for the past 6 months
Fishing vessel must have a valid fishing license at the time of loan application
Applicant and fishing vessel must be clear of all overdues and fines from Ministry of Fisheries Marine Resources and Agriculture in full
Applicant shall meet all the standard criteria’s set by SDFC for loan facilities
RSW systems purchased through Kandufalhuge Nafaa loan should be procured through the one of the approved vendors by Ministry of Fisheries Marine Resources and Agriculture

Key Features

Loan amount up to MVR500,000

Interest of 6% per annum

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

No collateral requirement

Loan facility will only be provided for the purchase and installation of RSW systems

Applicant to bear any additional costs for the facilitation and installation of RSW system as equity investment

Loan facility will only be provided for the purchase and installation of RSW systems

RSW systems purchased through Kandufalhuge Nafaa loan should be procured through the one of the approved vendors by Ministry of Fisheries Marine Resources and Agriculture

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.

News

SME Development Finance Corporation Pvt Ltd (SDFC) was issued the Financing Business License by Maldives Monetary Authority on 28th February 2019.

SDFC is owned by the Government of Maldives with shares of 3 City Councils, i.e. Male’ City, Fuvahmulah City and Addu City. The commencement of SDFC’s operations will make it easier for MSMEs to obtain financing to support their businesses while leading to healthy competition between the financial institutions.