Applications for the Bank of Maldives (BML) Startup Grant Fund 2024 have been opened.

In a publication, the country’s national bank announced that the application window for their Startup Grant for the ongoing year has been opened.

Interested individuals may submit their applications before 11:59pm on 17 October 2024.

Two aspiring businesses will be selected under the Startup Grant Fund; a programme aimed at paving 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. 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 revealed that 10 applicants will be shortlisted and required to pitch presentations. 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.

Winners will be provided with business support by a Relationship Manager for a one-year period as after-care support to the winners.

Some of the terms and conditions listed by the bank include; being a Maldivian citizen between 18 – 60 years of age, applying individually or as a joint applicant, not being a registered business for more than 12 months, not holding a shareholding position in any other registered businesses, and being credit-worthy customers of BML. Employees of BML and their immediate family members, government bodies, business entities and other institutions that are state-funded will not be eligible.

Acting CEO of BML, Aishath Noordeen stated that empowering local entrepreneurs is a cornerstone of sustainable economic development and that this grant highlights the bank’s decision dedication to fostering an entrepreneurial spirit and cultivating local talent. She added that BML is proud to continue their Startup Grant for a third year, empowering entrepreneurs to transform their aspirations into thriving enterprises that benefit the Maldivian economy.

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 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.