Bank of Maldives (BML) and Small and Medium Enterprises (SME) Digital have launched the Youth Entrepreneurship Financing scheme to help young Maldivians establish small and medium-sized businesses and develop innovative ideas into sustainable ventures.

President Dr Mohamed Muizzu officially inaugurated the financing scheme at the Youth Entrepreneurs Expo, which began today.

The scheme is open to young people aged between 18 and 30 and provides financing of up to MVR 150,000 without collateral or an equity contribution. It is intended for young people seeking to establish businesses, as well as freelancers requiring capital to begin or expand their work.

BML said the facility will be offered at an annual profit rate of seven per cent. Applications will be reviewed within 24 hours, allowing approved applicants to receive financing without lengthy delays. The financing can be repaid over five years and includes a six-month grace period.

In addition to financial assistance, SME Digital will provide practical business guidance, mentorship and training to support applicants throughout the process of building successful and sustainable businesses.

BML Chief Executive Officer and Managing Director Mohamed Shareef said supporting young entrepreneurs is an investment in the future of the Maldives. He said the MVR 1 billion financing scheme, developed in partnership with SME Digital, would help young people turn their ideas into businesses while building the skills and capabilities required for long-term success.

SME Digital Chief Executive Officer and Managing Director Badhuruddeen Hassan said the facility would allow financing to be approved within 24 hours and disbursed through a simplified process.

He said the partnership with BML aims to make starting a business easier and enable a new generation of entrepreneurs to begin their business journeys with greater confidence.

The scheme forms part of BML’s efforts to support entrepreneurs, expand financial inclusion and create greater economic opportunities for young Maldivians.