News Desk
MALÉ — In a move to foster local innovation and support small business development, the Bank of Maldives (BML), in partnership with SME Digital, has introduced the “Youth Entrepreneurship Financing” facility. The initiative was officially inaugurated today by President Dr. Mohamed Muizzu during the commencement of the Youth Entrepreneurs Expo held at Dharubaaruge.
Designed to empower Maldivian youth aged 18 to 30, the facility provides an accessible pathway for aspiring business owners and freelancers to secure capital without the need for collateral or equity. Eligible applicants may access financing of up to MVR 150,000 to either establish a new enterprise or scale an existing one.
Key features of the financing facility include:
- Profit Rate: A competitive rate of 7% per annum.
- Processing Time: A commitment to process and approve applications within 24 hours.
- Repayment Terms: A five-year repayment period, which includes a six-month grace period.
Beyond capital, SME Digital will provide essential mentorship, practical business guidance, and training to ensure applicants can build sustainable and successful enterprises.
BML’s CEO and Managing Director, Mohamed Shareef, underscored the long-term economic importance of the scheme. “Supporting young entrepreneurs is an investment in the future of the Maldives,” Shareef stated. He noted that the initiative is part of a broader MVR 1 billion financing scheme, designed to equip the next generation of business leaders with the skills and resources necessary for long-term success.
