Bank of Maldives provides startup grants

The Bank of Maldives (BML) has announced winners of its Startup Grant that was opened up in January 2022, for emerging entrepreneurs to win grant funding of MVR 500,000 to start or grow a business in the Maldives.

As per announcement by BML, here are the four winners:

1.     Mohamed Nazlee and Aishath Shamma Mohamed (NirisS Embroidery) - Expanding existing embroidery business.

2.     Aminath Irasha (Kids Zone) - New business teaching wood craft with a conducive learning environment for children with special needs.

3.     Hawwa Suzan (Hawwan Cakes) - Expanding existing small scale, home-based cake business into a bakery and introducing training facilities.

4.     Aishath Liusha (Climate Smart Good Agricultural Practices) - Expanding existing business to promote sustainable farming.

“Winners of today’s BML Startup Grant fund are emerging entrepreneurs who have demonstrated eagerness and promise to grow and manage their businesses sustainably through their plan and presentation. They were selected out of over 100 applicants across the country. We are proud to support these businesses and look forward to witnessing them create new jobs while making a positive impact towards the community.” said Timothy Sawyer, CEO and Managing Director of Bank of Maldives.

The winners were selected through a highly competitive evaluation process comprising of two stages. During the first stage, business plans were evaluated to shortlist the 10 most promising applicants. The selected applicants were required to present the business idea to an evaluation committee.

The Bank launched its Startup Grant Fund in January as the third of 12 high impact monthly community initiatives to celebrate the lead up to the Bank’s 40th anniversary.