Public Sector

BML announces opening of applications for the BML Startup Grant

Out of the short-listed candidates, two winning candidates are granted MVR 500,000 to implement the presented business idea within 12 months of awarding the grant.

BML

BML

The Bank of Maldives (BML) has officially announced the opening of applications for the BML Startup Grant 2024. This grant by the bank was started as a way to foster emerging entrepreneurs to explore new business ideas, and start-ups, or grow an existing micro or small business in the Maldives. With each new announcement, BML opens up opportunities to 10 short-listed applicants who will then go on to pitch presentations to be chosen as the most eligible parties for the grant.

Out of the short-listed candidates, two winning candidates are granted MVR 500,000 to implement the presented business idea within 12 months of awarding the grant. With the introduction of the Start-up Grant, BML also published the eligibility criteria, which are divided into three sections. This includes:

Individuals

  • Must be a Maldivian citizen aged between 18 and 60
  • Can apply individually or as a joint applicant
  • Employees of Bank of Maldives and their immediate family members are not eligible

Businesses

  • Should not be a registered business for over 12 months

All applicants

  • Applicants must not hold a shareholding position in any other registered business
  • Government bodies, business entities and other institutions that are state funded are not eligible
  • All individual applicants and businesses must be credit worthy customers of the Bank of Maldives

For all interested candidates who meet the criteria, the bank has yet again opened up this golden opportunity with the application deadline set for 11:59 pm on 12th October 2024. 

Empowering local entrepreneurs is a cornerstone of sustainable economic development. This grant underlines our dedication to fostering an entrepreneurial spirit and cultivating local talent. We are proud to continue the BML Startup Grant for a third year, empowering entrepreneurs to transform their aspirations into thriving enterprises that benefit our economy. 
BML’s Acting CEO, Aishath Noordeen 

In addition to financial support, the Bank will provide comprehensive financial advice to guide the winners in successfully executing their business plans. Individuals and newly registered businesses are eligible to apply. 

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