Economic Ministry to Grant USD 6,500 to 200 SMEs

The Ministry of Economic Development has introduced initiatives designed to offer grants of USD 6,500 to 200 small and medium enterprises (SMEs).

Under the Maldives: Enhancing Employability and Resilience of Youth (MEERY) project, funded by the World Bank, the Grants for Women-led Businesses and Grants for Tailoring Businesses programs have been launched. The inaugural ceremony took place in Addu City, presided over by Neeza Imad, the Minister of State for Economic Development.

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The primary objective of these programs is to foster and support SMEs by providing financial aid, training, and technical assistance. They offer 200 opportunities for businesses to apply for grants of up to USD 6,500. The programs specifically target micro businesses registered under the Small and Medium Enterprises Act in Male’ City, Addu City, Fuvahmulah City, and Kulhudhuffushi City. However, unregistered businesses are also encouraged to participate.

The women-led businesses program aims to extend financial aid and training to women seeking to expand their existing businesses or venture into new enterprises. Meanwhile, the program for tailoring businesses seeks to provide support to individuals owning tailoring businesses.

Applicants must either be individuals aged between 18 and 65 or businesses that are 100% Maldivian-owned. They should not have previously benefited from grant programs launched under the MEERY project since January 2020. Interested parties can submit their applications through the Job Centre portal.

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