Applications have officially opened for the second phase of the Youth Entrepreneurship Financing facility, introduced jointly by Bank of Maldives (BML) and SME Digital. Designed to provide accessible financial support, the initiative aims to empower talented young individuals across the Maldives to transform their innovative business ideas into thriving enterprises.
The financing scheme specifically targets young entrepreneurs aged between 18 and 30 years. Under this phase, eligible applicants can secure financing of up to MVR 150,000 without the requirement of any equity contribution or collateral. The facility features a competitive annual profit rate of 7 percent, with a repayment tenure of five years, including a six-month grace period to ease early business operations.
To qualify for the financing, prospective applicants must first complete a mandatory online financial literacy programme via the SME Portal. This curriculum is designed to equip participants with essential skills in business bookkeeping and effective financial management under debt assistance. Upon successfully completing the course, applicants can submit their formal financing applications through the BML Swipe App, with the window remaining open until the allocated funds are fully utilized.
Commenting on the launch, CEO of SME Digital, Badhurudheen Hassan, highlighted the strong demand from the country's youth. “The first phase of this newly introduced financing received an overwhelming response that exceeded our expectations. We observed that the youth were in genuine need of such financing opportunities. It brings us great pleasure to have facilitated the chance for young people to pursue their desired ventures through this financing,” he stated.
The second phase builds on the substantial success of the programme's initial rollout, which channeled more than MVR 300 million in financing to over 3,000 young entrepreneurs nationwide.