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General Information Financial Assistance for Small Business Owners

The spread of coronavirus, COVID-19 continues to severely impact small businesses. In order to provide financial assistance to these small businesses, the Bank of Maldives (BML) and the SME Development and Finance Corporation (SDFC) have introduced special stimulus packages.


Given the current circumstance it is not allowed to terminate employment of any Maldivian nationals during the loan repayment period. The loans will be issued at an interest rate of 6% per annum and with a grace period of 6 months during which no interest or principal payments will need to be made. The repayment period for the loan is 3 years. Both SDFC and BML have been open for loan applications since 8 April 2020.

  • Loans issued from SDFC:
    • These loans are intended for businesses currently under operation and those that generate revenue of no more than MVR 10 million.
    • Self-employed individuals who have not formally registered their businesses, and those undertaking freelance work are also eligible to apply to these loans.
    • Businesses can apply for financial assistance of up to MVR 500,000 (five hundred thousand).
    • Self-employed individuals can apply for financial assistance of up to MVR 18, 000 (eighteen thousand).
    • Loans are issued to cover operational expenses, including payroll, rent and utility bills.
    • For more information, please visit https://sdfc.mv/Download/FAQ.pdf To apply for a loan, please visit https://portal.sdfc.mv/login
  • Loans issued by BML:
    • Tourist resorts are eligible to apply for separate working capital loans. This scheme issues loans of up to MVR 7.71 million.
    • Apart from the tourist resorts that generated revenue of MVR 10 million in the year 2019, a separate working capital loan scheme is also issued for other businesses. This scheme issues loans of up to MVR 1 million.
    • For more information, please visit https://www.bankofmaldives.com.mv/covid-19-recovery-scheme To apply for a loan, please submit the completed application form along with the required documents via email to recoveryscheme@bml.com.mv