More than 3,000 young entrepreneurs from across the Maldives have benefited from USD 19.5 million in financing through the first phase of a youth-focused entrepreneurship programme launched by Bank of Maldives (BML) together with SME Digital.
The Youth Entrepreneurship Financing facility was introduced to improve access to funding for young Maldivians looking to establish micro and small enterprises or expand businesses they already operate.
Available to Maldivians aged between 18 and 30, the facility provides collateral-free financing of up to approximately USD 9,727, while applicants are not required to provide an equity contribution.
BML Chief Executive Officer and Managing Director Mohamed Shareef said the response to the programme highlights the growing enthusiasm among young Maldivians to pursue business opportunities and become entrepreneurs.
“We are proud to support aspiring entrepreneurs as they turn their ideas into viable businesses and develop the skills and capabilities needed to build sustainable enterprises and achieve long-term success,” Shareef said.
According to SME Digital CEO Badhurudheen Hassan, the first phase has helped create more opportunities for young people to launch and expand their businesses. He said SME Digital is looking forward to widening the opportunities and support available to entrepreneurs in the upcoming phase.
The programme has also been designed to provide beneficiaries with assistance beyond financial support. Through a partnership between SME Digital and the Business Center Corporation, participating entrepreneurs will have access to mentorship, business training and support to formally establish their businesses.
The organisations will focus on delivering these services to entrepreneurs who received financing under the first phase over the coming weeks, with the aim of helping them strengthen their operations and improve their prospects for sustainable growth.
The financing facility is being implemented in stages to ensure that beneficiaries receive the appropriate guidance and support before the programme moves into its next phase.
Applications for the second phase are scheduled to open on November 1, 2026.
BML and SME Digital said they remain committed to expanding financial access for young entrepreneurs, developing a stronger entrepreneurial environment in the Maldives and creating additional economic opportunities for the country's youth.
