Bank of Maldives (BML) revealed that applications for their Startup Grant Fund will close on July 2.

The country’s national bank opened applications for the Startup Grant for the ongoing year in mid May.

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.

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.