Bank of Maldives (BML) has called for applications for its startup grants for this year.
The program is dedicated to providing financial assistance for emerging entrepreneurs. The bank said two businesses will be selected to win MVR 500,000 (USD 32,680) each.
BML will also provide mentoring support for the winners to successfully implement their business plans.
“Through the startup grant, we will continue to support the flourishing startup community in the country, helping to create opportunities for young businesses to thrive,” said BML CEO and Managing Director Karl Stumke.
“We are seeing the successful implementation of last year’s winning business ideas under the close mentorship and guidance of our SME team; and we look forward to receiving innovative, sustainable ideas for this year.”
Four businesses were funded through the grant last year.
BML said the deadline to submit applications is July 2 and winners will be selected through a competitive evaluation process comprising two stages.
During the first stage, business plans will be evaluated to shortlist applicants. The selected applicants will be required to present the business plan to an evaluation committee in the final stage.
The BML startup grant was first launched as part of the series of 12 high-impact monthly community initiatives to celebrate the Bank’s 40th anniversary.
