- BML has opened applications for its 2026 Startup Grant, awarding two winners MVR 500,000 each in non-repayable funding.
- Eligible applicants are Maldivian citizens aged 18-60 or newly registered small businesses with clean credit records and no AML issues.
- Applicants must submit a 12-page business plan by 10 November 2026; ten finalists will pitch to select two winners.
Bank of Maldives (BML) has officially opened applications for the 2026 edition of its Startup Grant initiative, offering seed funding to foster local entrepreneurship and support newly established businesses across the country.
According to the announcement on BML’s official website, under the financial scheme, the national bank will award a total of MVR 1 million in non-repayable grant funding. Two selected winners will each receive MVR 500,000 to launch a new business idea or expand a micro or small enterprise that has been in operation for less than 12 months.
Alongside the cash funding, BML will assign a dedicated Relationship Manager to each recipient. This manager will provide one year of structured business support and guidance to assist the winners during their initial setup and operational phase.
BML details that the grant program is open to individual Maldivian citizens aged between 18 and 60, as well as newly registered micro and small businesses. To maintain eligibility, applicants must hold a clean credit record with BML, remain free of unresolved Anti-Money Laundering (AML) issues, and hold no ownership stakes in existing companies registered for longer than a year. BML staff and their immediate family members cannot apply.
Applicants must submit a comprehensive 12-page business plan outlining their strategy, market viability, and financial projections before the official deadline at 14:00 hrs on Tuesday, 10 November 2026. BML does not restrict submissions to specific industry sectors, provided the proposals comply with local laws and do not conflict with the bank’s operating interests.
Following an initial evaluation stage, BML explains, an expert panel appointed by the bank will select ten finalists. These shortlisted candidates will then present a 30-minute pitch of their business models directly to the evaluation committee, which will select the final two grant recipients based on the clarity and commercial viability of their presentations.
The bank expects the winning entrepreneurs to fully implement their proposed commercial plans within 12 months of receiving the award.
