BML opens applications for Startup Grant 2023

BML opens applications for Startup Grant 2023. (Photo/BML)

Bank of Maldives (BML) has opened applications for ‘Startup Grant 2023’.

Startup Grant provides the opportunity for emerging entrepreneurs to win grant funding to start or grow a business in any sector, in the Maldives.

This year, two winning businesses will be awarded MVR 500,000 each 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.

In addition to financial assistance, the Bank will also facilitate mentoring support for the four winning businesses through experts to successfully implement their plans.

The deadline for applications has been set by midnight on July 2nd

The application evaluation process for the grant is divided into two stages. During the first stage, business plans will be evaluated to shortlist applicants. The selected applicants will be required to present the business plan to an evaluation committee in the final stage.

BML’s CEO, Managing Director Karl Stumke reported that the bank is seeing the successful implementation of last year’s winning business ideas under the close mentorship and guidance of its SME team.

“We look forward to receiving innovative, sustainable ideas for this year,” he added.

BML introduced Startup Grant in January 2022 as part of the series of 12 high-impact monthly community initiatives to celebrate the bank’s 40th anniversary in November 2022. The bank funded four businesses last year through the grant.