The SME Development and Finance Corporation (SDFC) has announced that the deadline to apply for the loan scheme designated for reef fishermen will expire tomorrow.
Issued under the 'Kandu Falhuge Nafa' loan scheme to those active in the reef fishing sector, this loan was formulated jointly by SDFC and the Ministry of Fisheries and Ocean Resources to develop reef fishing. With the aim of assisting in bringing sustainable development to the fisheries sector, the special loan scheme for reef fishermen was introduced and inaugurated on February 16 at a special ceremony held in Sh. Komandoo.
The opportunity to apply for loans under this scheme, which issues funds to start and develop reef fishing and to install small ice plants, was also opened in February. The application window will close tomorrow.
The maximum loan amount decided to be issued is MVR 700,000. SDFC stated that if the cost of the activities for which the loan is taken under the scheme exceeds MVR 700,000, the additional expenses must be borne by the applicant. Furthermore, SDFC stated that a maximum grace period of six months will be given, and a maximum period of 10 years will be provided to repay the loan. The interest rate for the loan is set at 5%.
This loan is issued for newly building or purchasing reef fishing vessels, repairing and modifying reef fishing vessels, installing engines in reef fishing vessels, and purchasing resources required for reef fishing. SDFC stated that the loan funds can specifically be used to purchase fishing gear and resources installed on reef fishing vessels, fish packaging machinery and equipment, and fish storage resources and equipment.
