Second phase of Youth Entrepreneurship Financing program, designed to foster young entrepreneurs, officially launched
1 ނޮވެމްބަރު 2026 | އާދީއްތަ 13:06Bank of Maldives and SME Development Finance Corporation (SDFC) have launched a joint initiative offering unsecured financing of up to MVR 150,000 for youth aged 18 to 30. This facility carries a 7% interest rate, and applicants are required to complete a financial literacy program prior to submission. In its initial phase, the program has already disbursed over MVR 300 million to more than 3,000 young entrepreneurs.
Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef. | BML
Bank of Maldives, in collaboration with SME Development Finance Corporation (SDFC), has opened applications for the second phase of the Youth Entrepreneurship Financing scheme.
Bank of Maldives (BML) stated that this financing facility is designed to provide accessible financial support to transform the innovative business ideas of talented Maldivian youth into reality.
The Youth Entrepreneurship Financing facility is specifically designed for young individuals between the ages of 18 and 30. Under this scheme, financing of up to MVR 150,000 will be provided without requiring any personal equity contribution or collateral. Issued at a profit rate of 7% per annum, the financing includes a total repayment period of five years, which incorporates an initial six-month grace period.
Prior to applying for financing under this phase, an online financial literacy program has been developed to train young entrepreneurs in business accounting and familiarize them with essential operational considerations. Completion of this program is a mandatory prerequisite for submitting an application.
Accordingly, once the program is completed through the SME portal, the opportunity to submit applications via the BML Swipe app will remain open until the total financing allocated for this phase is exhausted.
Regarding the youth entrepreneurship financing scheme, Badrudheen Hassan, CEO of SME Digital, stated that the first phase of the newly introduced program received a response far exceeding initial expectations. He further noted that the overwhelming interest demonstrates a significant demand among the youth for such financial opportunities. He expressed satisfaction that this initiative has successfully provided young people with the means to pursue their professional aspirations.
The first phase of the Youth Entrepreneurship Financing program has been successfully concluded, providing over MVR 300 million in funding to more than 3,000 young entrepreneurs across the Maldives.
