Applications have opened for the second phase of the Youth Entrepreneurship Financing facility, jointly introduced by the Bank of Maldives (BML) and SME Digital to support young people in establishing and developing their own businesses.
The facility offers financing of up to USD 9,728 to entrepreneurs aged 18 to 30, without requiring an equity contribution or collateral. Financing is provided at an annual profit rate of 7 percent, with a repayment period of five years, including a six-month grace period.
Prospective applicants must first complete an online financial literacy programme before applying. Delivered through the SME Portal, the programme is designed to equip participants with the knowledge needed to maintain business financial records and understand key financial considerations when managing a business.
Following completion of the programme, applicants can submit their financing requests through the BML Swipe App. Applications will remain open until the funds allocated for the second phase are exhausted.
SME Digital Chief Executive Officer Badhurudheen Hassan said the first phase had received an overwhelming response, exceeding expectations and highlighting the demand among young people for accessible business financing.
He said the initiative had provided young people with an opportunity to pursue their business ambitions through financial support.
The second phase follows the completion of the programme's first phase, which provided more than USD 19.46 million in financing to over 3,000 young entrepreneurs across the Maldives.