BML launches MVR 1bn youth financing initiative

The Bank of Maldives (BML), in partnership with SME Digital, has launched the Youth Entrepreneurship Financing scheme, offering financing of up to MVR 150,000 to support young people in starting businesses and developing business ideas.

The financing facility, valued at MVR 1 billion, was launched at the Youth Entrepreneurs Expo, which opened on Wednesday.

The scheme is open to individuals aged between 18 and 30 and does not require mortgage security or equity. Eligible applicants can obtain financing of up to MVR 150,000 at a profit rate of 7 per cent per annum.

According to BML, applications will be processed within 24 hours, with approved funds to be disbursed shortly afterwards. The financing will be repayable over five years, including a six-month grace period.

In addition to financing, SME Digital will provide business guidance, mentorship and training to assist participants in establishing and managing their businesses.

Speaking at the launch, BML Chief Executive Officer and Managing Director Mohamed Shareef said the bank views support for young entrepreneurs as an investment in the Maldives’ future.

“This MVR 1 billion financing scheme, introduced in partnership with SME Digital, will help young people transform their ideas into businesses while developing the skills required for long-term growth,” he said.

SME Digital Chief Executive Officer and Managing Director Badhuruhdheen Hassan said loan approvals could be completed within 24 hours.

“This will enable young entrepreneurs to move forward with their business ideas without delay. Together with the Bank of Maldives, we are working to simplify access to financing and support the next generation of entrepreneurs as they begin their business journey,” he said.