Bank of Maldives has opened applications for their Startup Grant Fund.
The country’s national bank in a statement publicized on Thursday, revealed that applications have been opened for the Startup Grant for the ongoing year.
Interested individuals may submit their applications before midnight on July 2.
Winners are to be selected through a competitive evaluation process comprising of two stages, according to BML.
The bank noted that business plans will be evaluated to shortlist applicants during the first stage.
The second stage will see applicants presenting their business plan to an evaluation committee.
BML launched the Startup Grant Fund in January 2022, as the third event of a series of 12 high-impact monthly community initiatives leading up to the country’s national bank’s 40th anniversary celebrated in November that year.
The ‘Startup Grant Fund’ is a programme that will pave the way for emerging entrepreneurs to win a grant funding to start or grow a business in the Maldives.
BML will be conferring MVR 500,000 to four winning businesses under the programme. However, BML revealed that this year, two winning businesses will be selected to win MVR 500,000 each.
BML will be providing mentoring support for the winners, in a bid to help them successfully implement their business plans.
BML’s CEO and Managing Director, Karl Stumke revealed that the bank will continue to support the flourishing startup community in the Maldives, in turn assisting in the formation of opportunities for young businesses to thrive, through the startup grant.
Through the Startup Grant, we will continue to support the flourishing startup community in the country, helping to create opportunities for young businesses to thrive. We are seeing the successful implementation of last year’s winning business ideas under the close mentorship and guidance of our SME team; and we look forward to receiving innovative, sustainable ideas for this year.”Karl Stumke, BML’s CEO and MD.
The Startup Grant is part of the bank’s commitment to support businesses and strengthen its relationship with the start-up ecosystem in Maldives. Through the programme, BML is nurturing the entrepreneurial spirit of the startup community to create jobs and opportunities to maximize the positive impact for society.
The bank remains hopeful to see many individuals and businesses make use of this opportunity and contribute to the startup culture in Maldives.