BML announces business grants

Good news for inspired entrepreneurs to craft their ideas into reality - the Bank of Maldives (BML) announced the BML Startup Grant earlier this week. This grant will be awarded to four applicants who meet the criteria listed on the Bank's website.

The opportunity is open to individuals between the ages 18 and 60, and, for obvious reasons, employees of BML and their relatives are not eligible. The applicants will be filtered down to 10, and then given the chance to pitch their ideas to an Evaluation Panel, and four winners will receive MVR500,000 each as a grant to support their business plan. If an existing business seeks to apply, they must not have been in operation for over 12 months at of the date of application. State-backed corporations are also not eligible.

The process has two stages. In the first stage, the proposed idea needs to be presented in the form of a comprehensive business plan. The business plan must be developed to a professional level, describing the objectives, strategies, as well as financial forecasts for the venture. The submission should be accompanied by the BML Startup Grant Application form downloadable on the Bank's website. Any further clarifications will be answered through its guidelines for submission as well as the Evaluation Criteria, available on the website.

In the second stage, ten finalists will be given the chance to present their ideas to the Evaluation Committee. They will each be given a fair 30 minutes, and the venue and date for this presentation is to be confirmed once the ball starts rolling.

The application deadline is 16 of March, 2022.