The Bank of Maldives (BML) has opened applications for its annual Startup Grant, an initiative designed to help Maldivian entrepreneurs launch new ventures or expand early-stage businesses.

According to the bank, the programme will shortlist 10 applicants, who will be invited to present their business ideas in pitch sessions. From these, three winners will each receive a grant of MVR 500,000 to implement their proposals within 12 months. Unlike traditional financing, the funding will not need to be repaid.

Winners will be selected by an evaluation committee appointed by BML. In addition to financial support, each recipient will be paired with a dedicated manager from the bank, who will provide mentoring and business guidance for one year as part of after-care support.

Applications are open until 4:00 p.m. on 7 September 2025. The grant is open to Maldivian citizens aged between 18 and 60, as well as newly registered businesses that have been in operation for less than 12 months. Applicants must not hold shares in other registered businesses and must be in good standing with relevant banking and regulatory requirements, including anti-money laundering compliance. Proposed ventures are required to be innovative and represent startups or newly established companies.

The bank highlighted that this initiative offers an opportunity for the general public who want to start their businesses in any sector and businesses that have not completed a year since registration. Previous winners of the Startup Grant, BML noted, have gone on to successfully expand their ventures.