The SME Development and Finance Corporation (SDFC) has announced that the opportunity to apply for loans under the special loan scheme for reef fishermen will open today.
The special loan scheme for reef fishermen was introduced and inaugurated on the 16th of this month at a special ceremony held in Sh. Komandoo.
SDFC stated that the opportunity to apply for loans under this scheme, which provides loans to start and develop reef fishing and to install small ice plants, will open today and that they are now prepared for it.
Under this scheme, loans will be provided to those who want to start reef fishing, those who are currently engaged in reef fishing to further develop their work, and those who want to install small ice plants.
The maximum loan amount to be issued is MVR 700,000. SDFC also stated that if the cost of the activities for which the loan is taken exceeds MVR 700,000 under the scheme, the additional cost must be borne by the applicant.
In addition, SDFC stated that a maximum grace period of six months will be given, and a maximum period of 10 years will be given to repay the loan.
The interest rate for the loan is set at 5%.
