The SME Development Finance Corporation (SDFC) on Sunday introduced a new soft loan initiative tailored for content creators involved in different social media endeavors.

This program honors a commitment made by President Dr. Mohamed Muizzu to offer financial support to the country's content creators.

The financing option, designed to promote sustainable development in the creative economy field, will provide monetary support to both content producers and filmmakers. It aims to assist them in obtaining essential resources for enhancing productive endeavors and growing their enterprises.

Loan information:

Amount of loan: Maximum MVR 500,000.

Prerequisites for a mortgage:

Digital content creators, influencers, and videographers can obtain as much as MVR 150,000 without needing a mortgage.

Mortgages are available for loans of up to MVR 500,000.

Repayment duration: Up to five years.

Interest rate: 9.5 percent annually.

Repayment period: A maximum of six months is included in the grace period.

This funding is anticipated to assist content creators in obtaining necessary equipment, handling production expenses, and addressing other costs essential for growing their creative projects.

Badhurudheen Hassan, Managing Director of SDFC, emphasized the swift worldwide expansion of the creative economy, observing that the youth of Maldives are leading this charge.

The loan program's application window started on Sunday. Prospective candidates may send their applications via the SME portal found on the SDFC website.

The President had originally instructed the launch of this loan initiative for content creators within two weeks on the 14th of the previous month. In line with this directive, Economic Minister Mohamed Saeed consulted with content creators to obtain their views on the loan initiative.

The Maldives has experienced a notable increase in social media engagement among all ages, with numerous people actively using platforms like YouTube, TikTok, Instagram, and Facebook.