Applications have opened for the second phase of the Youth Entrepreneurship Financing facility, a programme launched jointly by the Bank of Maldives (BML) and SME Digital to support young entrepreneurs in starting and growing businesses. 

Individuals aged between 18 and 30 are eligible for this financing scheme, which offers funding of up to MVR 150,000. Applicants are not required to provide collateral or an equity contribution. Financing is available at an annual profit rate of 7 percent, with a repayment period of five years which includes a six-month grace period. 

As part of the application process, applicants must first complete an online financial literacy programme through the SME Portal. This programme is designed to help participants understand business financial management, including record keeping and key considerations when operating a business with financial assistance. 

After completing the course, applicants can submit financing requests through the BML Swipe App. Applications for the second phase will remain open until the allocated funds are fully utilized. 

“The first phase of this newly introduced financing received an overwhelming response that exceeded our expectations. We observed that the youth were in genuine need of such financing opportunities. It brings us great pleasure to have facilitated the chance for young people to pursue their desired ventures through this financing,” SME Digital CEO Badhurudheen Hassan said. 

Under the first phase of the programme, more than MVR 300 million in financing was provided to over 3,000 young entrepreneurs across the country.