The Bank of Maldives (BML) has announced the approaching deadline for applications for their grant, set at MVR 500,000. Entrepreneurs and aspiring business owners have until 2 July 2023 at 12:00 pm to submit their applications.
This opportunity is open to both individuals and registered businesses that are less than one year old. Two ventures will be selected to receive the grant, enabling them to kickstart their entrepreneurial journey. In addition to financial aid, BML will also provide financial advice to assist the recipients in establishing their businesses successfully.
The selection process for the grant recipients will be conducted in two stages. Initially, the submitted business plans will be thoroughly evaluated, and the top 10 candidates will be shortlisted to proceed to the second stage. In the subsequent phase, the shortlisted candidates will be required to prepare and deliver a presentation outlining their business concepts.
BML introduced the Startup Grant initiative as part of their series of 12 community-based activities, celebrating the bank’s 40th anniversary. Last year, BML extended their support to four businesses through this grant program. Niris Embroidery, one of the grant recipients from the previous year, has recently inaugurated its new outlet, showcasing the positive impact of the grant.
For further details and application guidelines, interested individuals can visit the official website of the Bank of Maldives at https://www.bankofmaldives.com.mv/startup-grant.