BML: ‘Startup Grant’ application deadline March 16

A woman bakes a cake. (Photo/BML)

Bank of Maldives (BML) stated that the deadline to send in applications for its ‘Startup Grant’ was March 16, 2022.

‘BML Startup Grant’ was introduced in January 2020 with the aim to provide opportunities for emerging entrepreneurs, especially youth. It allows them to win grant funding to start or grow their businesses in any sector in Maldives.

As per the bank, four proposals will be selected and awarded MVR 500,000 in grant assistance – to start or grow a business, whether it is to bring a viable business idea to life, to cover start-up costs such as investing in equipment or expanding to a new market.

Public Relations Manager at BML Mohamed Saeed said that the grant was available for any individual or registered business that is not older than a year.

“We request to submit the applications via email before the deadline. Details of all the documents needed will be available from the website.”

Saeed also said that the best 10 business plans will be selected, and they will be asked to give a presentation based on the plan. From this, they will shortlist the four winners, he added.

The grant is the third series of 12 high-impact monthly community initiatives to celebrate leading up to BML’s 40th anniversary in November 2022.

The first series was ‘BML Scholarship Fund’, which was announced in November. The scholarship fund will provide fully-funded international scholarships for three students in the area of Banking and Finance on an annual basis.

The second series was an initiative to refurbish and upgrade the Maldives National Library up to modern standards.