Applications opened on Sunday for the second phase of the Youth Entrepreneurship Financing facility, a joint initiative of Bank of Maldives and SME Digital aimed at helping young Maldivians transform promising business ideas into sustainable ventures.
The financing scheme is designed for young entrepreneurs between the ages of 18 and 30, providing access to financing of up to MVR 150,000 without requiring an equity contribution or collateral. Financing is available at an annual profit rate of 7%, with a repayment period of five years, including a six-month grace period, making the facility more accessible to aspiring entrepreneurs who may otherwise face difficulties securing conventional business financing.
As part of the second phase, applicants are required to complete an online financial literacy programme before submitting their financing applications. The programme focuses on practical areas such as maintaining proper business financial records, understanding financial responsibilities and making informed decisions when operating a business supported by external financing.
Once the financial literacy programme is completed through the SME Portal, eligible applicants can submit their applications through the BML Swipe App. Applications will remain open until the funding allocated for the second phase has been fully utilised.
CEO of SME Digital Badhurudheen Hassan said the strong response to the first phase demonstrated the significant demand among young people for accessible financing opportunities. He noted that the initiative had created an important pathway for young Maldivians to pursue their preferred business ventures and develop entrepreneurial ideas into viable enterprises.
The second phase follows the successful implementation of the programme’s first phase, which provided more than MVR 300 million in financing to over 3,000 young entrepreneurs across the Maldives.
The expansion of the facility reflects the Government’s broader commitment to strengthening small and medium enterprises, encouraging youth participation in the economy and creating new opportunities for innovation, self-employment and business development. By combining accessible financing with financial literacy training, the programme is expected to help develop a more resilient generation of young entrepreneurs capable of contributing to economic diversification and long-term national growth.
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