New BML facility gives young Maldivians up to MVR 150,000 to start businesses

Bank of Maldives (BML), in collaboration with SME Digital, has introduced the Youth Entrepreneurship Financing facility designed to enable young Maldivians to establish micro and small enterprises and convert innovative ideas into sustainable businesses.

The financing facility was officially launched by President Dr Mohamed Muizzu at the Youth Entrepreneurs Expo, which opened Wednesday. This unsecured solution is available to individuals aged 18 to 30, with no requirement for collateral or equity. Eligible applicants can access funding of up to MVR 150,000, giving aspiring entrepreneurs and freelancers the capital needed to start or expand their ventures.

Featuring a competitive annual interest rate of 7%, the facility offers an expedited approval process with decisions within 24 hours, ensuring prompt access to funds. Customers also benefit from a flexible repayment period of up to five years, including a six-month grace period. In addition to financing, SME Digital will provide practical business guidance, mentorship, and training, supporting recipients at every stage as they build successful, lasting enterprises.

Commenting on the launch, Mohamed Shareef, CEO and Managing Director of Bank of Maldives, stated: “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.”

Badhurudheen Hassan, CEO and Managing Director of SME Digital, stated: “Through Youth Entrepreneurship Financing, we are providing approvals within 24 hours, a simple and seamless application process, and quick disbursements, enabling young entrepreneurs to turn their ideas into reality without delays. Together with Bank of Maldives, we are making entrepreneurship more accessible and empowering the next generation to begin their business journey with confidence.”

This initiative reflects Bank of Maldives’ continued commitment to supporting entrepreneurship, advancing financial inclusion, and creating greater economic opportunities for the next generation of Maldivian business leaders.