The Bank of Maldives (BML) and SME Digital have come together to introduce the "Youth Entrepreneurship Financing" facility meant for young Maldivians in starting small businesses and to facilitate the turning of new innovative ideas into sustainable businesses.

The facility was inaugurated by President Dr. Mohamed Muizzu at the opening ceremony of the "Youth Entrepreneurs Expo" held at Barceló Nasandhura.

This opportunity has been introduced for youth between 18 to 30 years of age without any sort of equity involved. Those who are eligible will receive financing up to MVR 150,000 from the facility, and is an opportunity from the bank for youths who want to start a business or for those who are looking to freelance or to expand their freelancing operation looking to build capital.

A system has been put into place where a loan at a 7 percent yearly profit rate will be given by the facility that will be processed and approved within 24 hours, with the funding being handed over within that time as well. A grace period of six months is given in paying back the loan, with five years being given to pay the loan in full.

Along with financial aid, arrangements have been made where SME Digital will offer practical instructions for the business, mentorship and training, with help being offered through every step of building a successful and sustainable business.

While speaking during today's ceremony, BML CEO and Managing Director Mohamed Shareef said that providing aid to young entrepreneurs is an investment toward Maldives' future.

"Due to this MVR 1 billion financing scheme that is underway with SME Digital, it will aid youths in turning their ideas into actual businesses, and build them up by giving them the skills and capability to be successful in the long-term," said Shareef.

The bank said that this financing is an example of BML's efforts in aiding entrepreneurs, increasing participation within the financial industry and in facilitating economic opportunities for the new generation of entrepreneurs.