Bank of Maldives announces Startup Grant Program (Maldives)

Funding Information

• A total of 10 applicants will be shortlisted and required to pitch presentations. 3 winning pitches will be granted MVR 500,000 each to implement the presented business idea within 12 months of awarding the grant. Winners will be selected by an evaluation committee appointed by the Bank. Furthermore, business support will be provided by a Relationship Manager of the Bank for each winner for a period of 1 year as after-care support to the winners.

Eligibility Criteria

• Individuals:
  • Must be a Maldivian citizen aged between 18 and 60
  • Can apply individually or as a joint applicant
  • Employees of Bank of Maldives and their immediate family members are not eligible
  • The business idea must be innovative and represent a startup or a newly established business
• Businesses:
  • The business should not be in operation for more than 12 months.
• All Applicants:
  • Applicants must not hold a shareholding position in any other registered business
  • Government bodies, business entities and other institutions that are state funded are not eligible
  • All individual applicants and businesses must be credit worthy customers of Bank of Maldives
  • Applicants must not have unresolved Anti-Money Laundering (AML) queries for over 30 days or outstanding compliance issues. All AML-related matters must be resolved within a 30-day period, and the applicant must be in good standing with all relevant laws and regulations.

Application Process

• Stage 1
  • Business Idea
    • BML Startup Grant does not limit business ideas based on a specific sector. The proposed ideas shall be viable and presented in the form of a comprehensive business plan in the provided format. Any illegal/prohibited activity or business idea conflicting with the interests of the Bank are not eligible for the grant.
  • The Business Plan format
    • The business plan should not exceed 40 A4 size pages including figures and tables. All of the areas provided in the business plan format shall be addressed clearly in English language. The business Plan should be submitted with the BML Startup Grant Application Form.
• Stage 2
  • From the successful applicants, 10 finalists would be selected and required to present the business idea in front of the evaluation panel. Each finalist will be given 30 mins to present the key areas of the proposal. The venue and date will be informed individually to the finalists.
  • 3 winners will be selected based on presentation and will receive a maximum funding of MVR 500,000 each.

For more information, visit BML.