SME Digital and the Business Centre Corporation (BCC) have signed a memorandum of understanding (MoU) to strengthen the Youth Entrepreneurship Financing initiative by expanding business support services for young entrepreneurs.

The initiative, launched in collaboration with the Bank of Maldives (BML), aims to help young Maldivians establish micro and small enterprises by providing easier access to financing. Under the new partnership, BCC will provide mentorship, entrepreneurship training, business formalisation support and project monitoring alongside financing to help beneficiaries build sustainable and successful businesses.

The Youth Entrepreneurship Financing facility offers unsecured financing of up to MVR 150,000 to eligible applicants aged 18 to 30, with no collateral or equity required. The scheme carries a 7 per cent annual interest rate, provides financing approvals within 24 hours, and offers repayment periods of up to five years, including a six-month grace period.

SME Digital said the partnership expands the initiative beyond financing by ensuring young entrepreneurs receive mentorship and business development support throughout different stages of establishing and growing their businesses. BCC said the initiative would provide beneficiaries with practical guidance from business registration through post-financing project monitoring, helping maximise the programme's long-term impact.

The financing facility was launched by President Dr Mohamed Muizzu during the opening of the Youth Entrepreneurs Expo 2026 as part of a joint initiative by BML and SME Digital to improve access to finance for young entrepreneurs and freelancers. Applications for the Youth Entrepreneurship Financing facility are currently open through the Swipe mobile application.