BML opens second phase of Youth Entrepreneurship Financing with up to MVR 150,000 available without collateral

Applications for the second phase of Youth Entrepreneurship Financing, which provides financing of up to MVR 150,000 without any mortgage, opened on Sunday.

The financing facility is designed to provide the financial support young people need to turn their business ideas into reality, encouraging the participation of talented youth across the Maldives. The facility is open to applicants between the ages of 18 and 30.

According to the bank, the scheme offers financing of up to MVR 150,000 without any equity contribution and without any collateral. The financing is provided at an annual profit rate of seven percent, with a five-year repayment period that includes a six-month grace period.

Before applying for financing under this phase, applicants must complete an online financial literacy programme. The programme is designed to teach young people how to maintain business financial records and familiarize them with key considerations when managing a business with financial assistance. BML said the programme must be completed prior to submitting applications. Once completed through the SME Portal, applications can be submitted via the BML Swipe App until the funds allocated for this phase are exhausted.

SME Digital CEO Badhurudheen Hassan said the first phase of the financing was received beyond 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,” Badhurudheen said.

The first phase of Youth Entrepreneurship Financing was successfully completed, providing more than MVR 300 million in financing to over 3,000 young entrepreneurs across the country.