BML, SME Digital open applications for second phase of Youth Entrepreneurship Financing
Applications opened on Sunday for the second phase of the Youth Entrepreneurship Financing facility, introduced jointly by Bank of Maldives and SME Digital.
The financing facility is designed to provide accessible financial support to help talented young people turn their business ideas into reality.
Youth Entrepreneurship Financing is tailored to young entrepreneurs aged 18 to 30. Under the facility, applicants can access financing of up to MVR 150,000, with no equity contribution or collateral required. Financing is offered at an annual profit rate of 7%, with 5 years repayment period, including 6 months grace period.
Before applying for financing under this phase, prospective applicants must complete an online financial literacy programme. The programme equips participants with the knowledge to maintain business financial records and understand key considerations when managing a business with financial assistance. Upon completing the programme through the SME Portal, applicants can submit their financing applications through the BML Swipe App. Applications will remain open until the funds allocated for this phase are exhausted.
Commenting on Youth Entrepreneurship Financing, CEO of SME Digital, Badhurudheen Hassan stated, “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.”
The second phase builds on the successful completion of the first phase of the Youth Entrepreneurship Financing programme, which provided more than MVR 300 million in financing to over 3,000 young entrepreneurs across the Maldives.
