Bank of Maldives (BML) has opened applications for its 2026 Startup Grant programme, offering two aspiring entrepreneurs the opportunity to receive MVR 500,000 each to establish new businesses or expand existing ventures.
The initiative, introduced in 2022, is designed to support entrepreneurship in the Maldives by providing financial assistance to individuals and newly established businesses with innovative and commercially sustainable business ideas.
Under this year’s programme, two successful applicants will each receive a grant of MVR 500,000, bringing the total funding available to MVR 1 million.
In addition to financial assistance, BML will provide the selected recipients with one year of mentorship support through a dedicated Bank Relationship Manager.
The mentorship component is intended to help entrepreneurs navigate the challenges of developing and managing a business, while providing guidance as they work towards achieving their commercial objectives.
According to the bank, applications are open to Maldivian citizens between the ages of 18 and 60 who have developed innovative business proposals with the potential for long-term sustainability.
Both individuals seeking to establish a business and newly registered enterprises looking to expand their operations are eligible to apply.
Applicants will be required to demonstrate the viability of their proposed business ideas, with particular emphasis on innovation and the potential for sustainable operations.
BML has set the application deadline for 2:00 pm on November 10, 2026, with submissions to be sent by email to [email protected].
The Startup Grant programme forms part of the bank’s broader efforts to encourage entrepreneurship and improve access to financial support for emerging businesses in the Maldives.
Access to startup capital remains an important consideration for individuals seeking to establish businesses, particularly during the early stages when entrepreneurs may face difficulties securing financing through conventional lending arrangements.
Unlike traditional business loans, grant programmes provide financial assistance intended to support business development without the same repayment obligations associated with borrowing, subject to the terms and conditions established by the grant provider.
For emerging entrepreneurs, such assistance can help meet initial business expenses, purchase essential equipment, develop products or services and establish the operational foundations needed to enter the market.
The addition of structured mentorship can also be valuable for new business owners who may have promising commercial ideas but limited experience in financial management, business planning or long-term operational development.
Since its introduction in 2022, the BML Startup Grant has been positioned as an initiative to help Maldivian entrepreneurs turn viable business ideas into functioning enterprises.
The programme also supports wider efforts to encourage private-sector activity and create opportunities for small businesses, which play an important role in employment and economic activity across the country.
Entrepreneurship is particularly relevant to the Maldives, where businesses operate across a range of sectors, including tourism-related services, retail, technology, fisheries and other commercial activities.
By providing financial assistance alongside professional guidance, the bank aims to support businesses beyond their initial establishment and help recipients develop more sustainable operations.
The latest funding opportunity will allow two selected applicants to access both capital and mentorship as they work towards launching or expanding their businesses.
Interested applicants must ensure their submissions reach BML before the 2:00 pm deadline on November 10.
