The Island Factory uses BML startup grant to turn into successful business

Bank of Maldives (BML) on Wednesday announce the successful completion of The Island Factory project, established by Niyaf Mohamed with support from the bank's 2024 Startup Grant program.

Based in GDh. Hoandedhoo, The Island Factory produces high-quality tuna jerky using modern processing and packaging methods. The business focuses on introducing innovative, protein-rich fish products to the market while supporting local fishermen and promoting sustainable practices in the fisheries sector.

The Island Factory has successfully expanded its reach, with its products now available in over 80 retail outlets across more than 17 islands, including resorts. This includes more than 30 outlets in Male’ and Hulhumale’.

Through its annual Startup Grant program, BML awards two promising businesses a grant of MVR 500,000 each to help turn innovative business ideas into reality.

BML says the program reflects the bank's continued commitment to supporting entrepreneurship, encouraging innovation and creating new economic opportunities across the Maldives.