First phase of the Youth Entrepreneurship successfully concludes
This initiative was launched by the Bank of Maldives in collaboration with SME Digital.
BML
The first phase of Youth Entrepreneurship Financing, launched by Bank of Maldives (BML) in collaboration with SME Digital, has successfully concluded, providing over MVR 300 million in financing to more than 3,000 youth entrepreneurs across the Maldives.
The financing facility was introduced to improve access to finance for Maldivian youth seeking to start or grow micro and small businesses. Available to individuals aged 18 to 30, the facility provides collateral-free financing of up to MVR 150,000, with no equity contribution required.
It is encouraging to see such a strong response from young people to this initiative. We are proud to support aspiring entrepreneurs as they turn their ideas into viable businesses and develop the skills and capabilities needed to build sustainable enterprises and achieve long-term success.
Beyond access to financing, the initiative is focused on providing beneficiaries with the support required to establish and sustainably grow their businesses. As part of this effort, SME Digital has partnered with Business Centre Corporation to provide mentorship, business training, and support for business formalisation to beneficiaries of the Youth Entrepreneurship Financing facility. The next few weeks will be focused on this process.
The strong response to the first phase of the Youth Entrepreneurship Financing reflects the ambition and entrepreneurial drive of young entrepreneurs. Through this phase, we have provided over MVR 300 million in financing to more than 3,000 youth entrepreneurs, creating greater opportunities for youth to start and grow their businesses. Building on the success of this first phase, we look forward to expanding these opportunities and supporting more young entrepreneurs in the next phase.
Youth Entrepreneurship Financing is being made available in phases to ensure proper support is provided to the entrepreneurs in each phase before commencing the next phase. Applications for Phase 2 will open on 1st November 2026, providing further opportunities for young Maldivians to access financing and pursue entrepreneurship.
Bank of Maldives and SME Digital remain committed to expanding access to finance, strengthening the entrepreneurial ecosystem and creating greater economic opportunities for the next generation of Maldivian entrepreneurs.
