The Business Centre Corporation (BCC) has announced that applications are now open for the Creative Economy Fund, a government initiative designed to provide financial assistance to artists across the Maldives. The fund aims to support various creative sectors, including music and film production, arts and crafts, and media content creation.
Financial aid ranging from USD 3,200 to USD 19,000 is available, with specific guidelines governing the distribution of funds. According to the BCC, applicants must be registered as small businesses to qualify for the fund. Individuals currently operating without registration are required to register as self-employed with the BCC to become eligible.
A dedicated committee has been established to review proposals, with funding being awarded on a first-come, first-served basis. Deputy Managing Director of BCC, Samih Adam, emphasised that the fund also provides incubation services to assist applicants. These services offer technical support, helping businesses to set future goals, overcome challenges, and find solutions to grow sustainably.
In response to challenges faced by the industry, the BCC is also offering loan repayment options based on the income of recipients, with no collateral required to access the fund.
The Creative Economy Fund is expected to expand next year to cover additional sectors, providing further opportunities for artists and businesses involved in creative industries across the country.
