BML Announces winners of startup grant 2025

Bank of Maldives (BML) has officially selected the recipients of its "Startup Grant 2025," providing significant financial backing to three innovative new businesses.

This grant program, now in its fourth consecutive year, offers a non-reimbursable fund of MVR 500,000 to help entrepreneurs launch new ventures or expand businesses that have been operating for less than a year.

While the grant typically rewards two winners, BML expanded the selection to three individuals this year to commemorate the 10th anniversary of BML Islamic.

The first recipient is Ibrahim Mifzal, whose project, "Rashi Park," aims to establish an indoor children's park and family café in Addu Feydhoo. This venture is set to be the first of its kind in Addu, featuring specialized play equipment for children alongside a comfortable lounge area for parents that offer food and Wi-Fi access. By providing a dedicated space for both play and relaxation, the project addresses a community need for modern family-oriented recreational facilities in the southern region.

Second winner of the grant was awarded to Mohamed Mimrah for his environmental initiative, the "Rashu Plastic Project," based in V. Felidhoo. This sustainability-focused venture aims to tackle plastic waste by recycling it into useful and marketable consumer goods such as clocks, key chains, and sunglasses. By transforming discarded materials into durable products, Mimrah's project seeks to promote a circular economy within the local community while contributing to environmental conservation efforts across the islands.

The third winner is Shamma Nadeem, who is developing the "Ladybird Kindergarten," an early learning center located in Hulhumalé Phase 2. This educational facility is designed for children between the ages of three and six, focusing on providing a well-rounded religious upbringing through age-appropriate activities. The center will follow the national curriculum standards of the Maldives, ensuring that young students receive a high-quality foundation for their future academic and personal development within a supportive environment.

The winners were chosen through a rigorous two-stage competitive evaluation process, starting with a shortlist of ten outstanding candidates who eventually presented their comprehensive business plans to an evaluation committee.