The Bank of Maldives (BML) has announced the opening of applications for its 2025 Startup Grant, a programme aimed at empowering emerging entrepreneurs.
The initiative targets businesses that have been in operation for less than one year, offering three new startups a grant of around USD 32,425. This year's grant has been expanded to support three businesses instead of the usual two, in celebration of BML Islamic's 10th anniversary.
The selected startups will also receive valuable business information and support, including expert financial advice from the bank to help guide the successful implementation of their business plans.
The deadline for applications is 4:00 pm on 7 September. To be considered, applicants must submit a detailed business proposal outlining their business idea. The opportunity is open to individuals who wish to start a business in any sector, provided the proposed business is not yet registered or has been registered for less than one year.
A special evaluation committee appointed by the bank will select the winning businesses. As part of the two-stage evaluation process, a total of 10 applicants will be shortlisted based on their business proposals and will be required to give a pitch presentation to the committee.
BML has a successful track record with its startup grant programme, which was first launched in 2022. According to the bank, businesses previously awarded the grant have gone on to operate successfully.
BML encourages interested individuals and businesses to apply for the grant to help foster the startup culture in the Maldives and contribute to the country's economic development.