Bank of Maldives Opens Applications For The BML Startup Grant

Last Thursday, the Bank of Maldives (BML) opened applications for this year’s edition of the BML Startup Grant. The BML Startup Grant is a program which supports emerging entrepreneurs by enabling them to acquire grant funding to either start or grow a business based in the Maldives. As part of this program, BML will also provide mentoring support to the winners to successfully bring their business plans to life.

Interested entrepreneurs can submit their applications by midnight of Friday, 2^nd July 2023. Afterwards, winners of the grant will be selected through a competitive, evaluation process made up of two stages. Business plans will be assessed during the first stage, and applicants will be shortlisted. In the second phase, shortlisted applicants will be asked to present their business plans to an evaluation committee to make the final call.

The CEO and Managing Director of BML, Karl Stumke remarked, “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. 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.”

The BML Startup Grant was initially featured under the 12 high-impact monthly community initiatives launched by the bank to commemorate its 40^th anniversary. Through the Grant, BML financed four aspiring businesses in 2022. To find out further details about the application process and eligibility criteria head here: http://www.bankofmaldives.com.mv/startup-grant