The second round of the Maldives Youth Entrepreneurship program, Get Set MV, has been announced.
The Get Set MV scheme was launched to assist young Maldivians start up their business, with capital totaling up to MVR 200 million out of which any proposal may receive between MVR 300,000 and MVR 800,000. The age group for applicants is between 18-35 years of age, and a minimum of two persons are required to apply for the program.
The Get Set MV program does not require any equity, and recipients will receive a 1-year grace period followed by a repayment period of 9 years. The interest rate for the loan is set at 9%.
The format for the proposals is available from the website of the Ministry of Economic Development, and from the Ministry’s Business Centers. The business plan may be submitted in Dhivehi or in English, and there is no specific area of criteria for the type of business.
Get Set MV was launched by President Yameen Abdul Gayoom on 17 November 2014 during the National Youth Awards Ceremony held at Dharubaaruge, to assist in start-ups of both for-profit businesses as well as social businesses. The recipients of the scheme were granted soft loans, along with the required technical assistance throughout the business incubation period.