Bank of Maldives (BML) has opened applications for the 2026 edition of its Startup Grant initiative, offering a total of MVR 1 million in non-repayable funding to support emerging entrepreneurs and newly established businesses across the Maldives.
Under the initiative, two successful applicants will each receive MVR 500,000 to establish a new business or further develop a micro or small enterprise that has been operating for less than 12 months. The programme is designed to provide promising entrepreneurs with the financial support needed to transform commercially viable ideas into sustainable businesses.
In addition to the grant funding, each successful recipient will be assigned a dedicated BML Relationship Manager for a period of one year. The Relationship Manager will provide structured guidance and business support during the important early stages of establishment and operations, giving the selected entrepreneurs access to professional assistance as they develop their businesses.
The initiative is open to individual Maldivian citizens between the ages of 18 and 60, as well as eligible newly registered micro and small businesses. Applicants are required to maintain a clean credit record with BML, have no unresolved Anti-Money Laundering matters and must not hold ownership interests in companies that have been registered for more than one year. Employees of BML and their immediate family members are not eligible to participate.
Applicants are required to submit a comprehensive 12-page business plan presenting their proposed business model, strategy, market potential and financial projections. Applications must be submitted before 14:00 hrs on Tuesday, 10 November 2026.
The Startup Grant is not limited to a particular sector, providing entrepreneurs from a wide range of industries with an opportunity to compete for funding. Proposed businesses must, however, comply with Maldivian laws and regulations and must not conflict with the bank’s operational interests.
Following the initial assessment of applications, an expert panel appointed by BML will shortlist 10 finalists. Each finalist will then be given 30 minutes to present and explain their business model to the evaluation committee. The final two recipients will be selected based on factors including the strength of the business concept, clarity of the proposal and its commercial viability.
Successful applicants will be expected to implement their proposed business plans within 12 months of receiving the grant.
BML’s Startup Grant initiative provides an important platform for young entrepreneurs and newly established businesses seeking access to early-stage capital. By combining financial assistance with professional business guidance, the programme is expected to encourage entrepreneurship, support the growth of small enterprises and contribute to wider economic activity across the Maldives.
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