SME Digital has increased the financing limit for three of its facilities to MVR 10 million to support small and medium sized enterprises (SMEs) in the Maldives.
The bank announced today that the limit for its asset financing, business expansion financing and vessel financing facilities has been doubled from MVR 5 million to MVR 10 million.
According to SME Digital, the increase is intended to meet the financing needs of the Maldives' rapidly growing small businesses.
The three financing facilities are:
- Asset financing: To help entrepreneurs start new businesses and purchase assets for existing businesses.
- Business expansion financing: To fund capital investments for businesses operating for at least two years, enabling them to expand, enter new markets and generate additional revenue.
- Vessel financing: To support new and existing businesses in purchasing or building vessels, as well as making additions such as installing engines. This includes dive boats, sport fishing and excursion vessels, and fishing boats.
SME Digital CEO Badhurudheen Hassan said financing limits should not become a barrier to business growth.
“SME Digital is always working to provide finance to the needs of businesses and be a partner in taking them to the next level,” he said.
Applications for the financing facilities can be submitted through the SME Portal on SME Digital's website.
