President Dr Mohamed Muizzu on Wednesday launched a new youth entrepreneurship financing scheme by Bank of Maldives (BML), aimed at helping young Maldivians establish startups and grow micro and small businesses.
The Youth Entrepreneurship Financing facility, introduced in partnership with SME Digital, was launched during the Youth Entrepreneurs Expo. The initiative provides unsecured financing of up to MVR 150,000 for eligible applicants aged between 18 and 30, with no collateral or equity contribution required.
The scheme offers a competitive annual interest rate of 7 percent, loan approvals within 24 hours, and flexible repayment over up to five years, including a six-month grace period. The facility is designed to give young entrepreneurs and freelancers faster access to the capital needed to launch or expand their businesses.
In addition to financing, SME Digital will provide mentorship, business guidance, and training to help participants develop sustainable enterprises and strengthen their entrepreneurial skills.
BML CEO and Managing Director Mohamed Shareef said the MVR 1 billion financing programme represents an investment in the country’s future by helping young people transform innovative ideas into successful businesses.
“We believe that supporting young entrepreneurs today is an investment in the future of the Maldives. Through this MVR 1 billion financing scheme with SME Digital, we are helping aspiring entrepreneurs transform their ideas into viable businesses while building the skills and capabilities required for long-term success,” he said.
SME Digital CEO and Managing Director Badhurudheen Hassan said the programme has been designed to remove common barriers faced by young entrepreneurs through a simple application process, rapid approvals, and quick loan disbursements.
According to BML, the initiative reinforces the bank’s commitment to promoting entrepreneurship, expanding financial inclusion, and creating new economic opportunities for the next generation of Maldivian business leaders.
