SME Digital-BCC sign MoU to collaborate on strengthening support for youth entrepreneurs

SME Digital and Business Center Corporation (BCC), on Thursday, have signed a Memorandum of Understanding (MoU) aimed at strengthening collaboration on support for youth entrepreneurs through the 'Youth Entrepreneurship Financing' initiative.

The agreement seeks to complement financial assistance with professional mentorship and business development training. Through services including formal business registration support and project monitoring, the partnership aims to help young Maldivians establish sustainable and successful ventures.

Under the terms of the MoU, BCC will provide essential business support services to beneficiaries of the Youth Entrepreneurship Financing programme. This will enable young entrepreneurs to develop the practical skills and expertise required to launch and expand their businesses effectively.

Commenting on the partnership, SME Digital’s CEO Badhuruddeen Hassan said the organization’s objective goes beyond providing financial assistance. He highlighted the importance of equipping young entrepreneurs with the knowledge, confidence, and support systems needed to develop resilient businesses.

"Through this collaboration with BCC, financial aid, mentorship, and business development services will be integrated under one roof, ensuring guidance is available at every stage of the entrepreneurial journey. We are working to lay a solid foundation for the next generation of businesses in the Maldives," Badhurudheen said.

BCC’s Managing Director Ibrahim Ziyaau praised the strong focus placed by President Dr. Mohamed Muizzu on empowering youth and expanding the country’s creative and digital economies.

"Young entrepreneurs play a vital role in introducing innovation, creative thinking, and new economic opportunities. By fostering a supportive business environment, such projects can transform promising ideas into sustainable businesses and generate employment," Ziyaau said.

"Furthermore, this is a significant step towards achieving the government's target of increasing the contribution of creative and digital sectors to the national GDP to 15 percent,” he added.

The agreement marks a collaborative effort between SME Digital and BCC to promote youth entrepreneurship by combining financial support with practical business development services. Both organizations emphasized that providing assistance from the initial startup phase through post-funding monitoring will strengthen business sustainability and maximize the long-term impact of the programme.

Launched in partnership with the Bank of Maldives, the 'Youth Entrepreneurship Financing' program provides financial support of up to MVR 150,000 for Maldivian citizens aged between 18 and 30. The initiative offers a simplified, fast, and fully digital application process designed to help transform business ideas into successful enterprises. Applications are currently open through the 'Swipe' mobile application.