Bank of Maldives (BML) and SME Digital have opened applications for the second phase of their Youth Entrepreneurship Financing programme, offering young Maldivians access to up to MVR 150,000 to establish or develop their businesses without collateral or an upfront equity contribution.
Applications opened on Sunday, following the completion of the programme’s first phase, which provided more than MVR 300 million in financing to over 3,000 young entrepreneurs across the Maldives.
The facility is available to individuals aged between 18 and 30 and is designed to make business financing more accessible to young people who may otherwise struggle to secure funding through conventional lending arrangements.
Under the programme, eligible applicants can obtain financing of up to MVR 150,000 at an annual profit rate of 7 percent, with a repayment period of five years, including a six-month grace period.
Unlike many conventional business financing arrangements, the facility does not require applicants to provide collateral or contribute their own equity towards the proposed venture.
However, applicants must first complete an online financial literacy programme before they can apply for funding.
The training, available through the SME Portal, covers essential aspects of managing business finances, including maintaining financial records and understanding the responsibilities associated with obtaining financing.
Once the programme has been completed, applicants can submit their financing requests through the BML Swipe App.
Applications will be accepted until the funds allocated for the second phase have been fully utilised.
SME Digital Chief Executive Officer Badhurudheen Hassan said the response to the first phase had exceeded expectations, highlighting strong demand among young people for accessible business financing.
He said the level of interest demonstrated the need for financial support that would allow aspiring entrepreneurs to pursue business opportunities.
Badhurudheen welcomed the continuation of the programme, saying it had already helped young Maldivians take steps towards establishing their own ventures.
The initiative comes amid broader efforts to encourage entrepreneurship and strengthen the small and medium-sized enterprise sector in the Maldives.
Access to capital remains an important consideration for aspiring business owners, particularly younger entrepreneurs who may have limited savings, assets or established financial histories.
By removing collateral and equity contribution requirements, the financing programme seeks to address some of these barriers while providing applicants with financial management training before they take on business financing.
The first phase’s disbursement of more than MVR 300 million to over 3,000 entrepreneurs reflects the scale of participation in the programme since its introduction.
With the second phase now open, BML and SME Digital are continuing the initiative to support young entrepreneurs seeking to launch businesses or expand their existing activities.
