SME Digital has provided financial assistance to more than 4,000 small businesses across the Maldives over the past seven years.

The institution, which was established in 2019 to support the development of small and medium-sized enterprises (SMEs), said its financing programmes have reached businesses in 189 islands across all atolls of the Maldives.

SME Digital initially began issuing loans of up to MVR 5 million in 2019. The company has since expanded its financing options, now offering loans of up to MVR 10 million to support small businesses at different stages of development.

The company’s financing schemes cover a wide range of sectors, including start-ups, women entrepreneurs, expansion of existing businesses, and the development of tourism and guesthouse industries. SME Digital also works in collaboration with Government ministries to implement programmes aimed at empowering small businesses.

The institution said its financing initiatives have helped transform new ideas into income-generating businesses, benefiting young entrepreneurs, freelancers and home-based workers, while special schemes have also been introduced to promote financial independence among women entrepreneurs. SME Digital further noted that its services extend to several sectors of the economy, including fisheries, tourism and logistics, as well as for content creators, photographers and digital professionals.

CEO of SME Digital Badhurudheen Hassan said the financing programmes have enabled many entrepreneurs to expand their businesses and increase the contribution of small businesses to the Maldivian economy.

He added that the company is working towards becoming the largest Islamic financing institution in the Maldives, noting that during the past five months all of its services have been converted to Sharia-compliant financing standards, while work is also underway to convert previously issued loans to the new Islamic financing policy.