Bank of Maldives (BML) has opened applications for its Startup Grant 2023.
The BML Startup Grant is a programme for emerging entrepreneurs to win a grant funding to start or grow a business in the Maldives. This year, two winning businesses will be selected to win USD32,425 each. BML will also provide mentoring support for the winners to successfully implement their plans.
Chief Executive Officer (CEO) and Managing Director Karl Stumke stated that the BML will continue to support the flourishing startup community in the country, helping to create opportunities for young businesses to thrive through the programme. He also said that he is witnessing the successful implementation of last year’s winning business ideas and is looking forward to receiving innovative, sustainable ideas for this year as well.
BML stated that the deadline for the applications is on July 2. The winners will be selected through a competitive evaluation process comprising of 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.
The BML Startup Grant was first launched as part of the series of 12 high impact monthly community initiatives to celebrate the Bank’s 40th anniversary. BML funded four businesses last year through the programme.