The Government has opened applications for the second phase of the Fashaa Madhadhu Loan scheme today, as part of ongoing efforts to empower women in business and support a new generation of female entrepreneurs.

The initiative, a joint collaboration between the SME Development Finance Corporation (SDFC), the Ministry of Economic Development and Trade, and the Ministry of Social and Family Development, was first launched last year under President Dr Mohamed Muizzu’s pledge to implement women-focused financial initiatives.

According to the Ministry of Social and Family Development, applications for the second phase will remain open until the end of July.

The Fashaa Madhadhu Loan scheme comprises five phases, supported by a MVR 100 million start-up fund. Each phase allocates MVR 20 million, and during the first phase, loans were awarded to 60 recipients across 16 atolls, with a total disbursement of MVR 14 million.

Under the scheme, eligible applicants may receive between MVR 100,000 and MVR 500,000 at an annual interest rate of six percent, with a repayment period of seven years and a grace period of up to 12 months. 25 per cent of the total loan fund is reserved for persons with disabilities.