Call for Proposals: BML Startup Grant Program (Maldives)

Funding Information

• A total of 10 applicants will be shortlisted and required to pitch presentations. 2 winning pitches will be granted MVR 500,000 each to implement the presented business idea within 12 months of awarding the grant.

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.
• Businesses
  • Should not be a registered business for over 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.

Application Requirements

• Maldivian individual(s) aged between 18 to 60 years with new business ideas can apply individually or jointly
• Businesses applying should not be a business registered for over 12 months and should be fully owned by Maldivians
• Government bodies, business entities and other institutions that are state funded are not eligible
• All individual applicants (Sole trader) and other legal entities must have a good credit standing with BML
• Employees of Bank of Maldives, any member of the Board of Directors of Bank of Maldives Plc and their relatives are not eligible. Relatives referred as mother, father, spouse, children, siblings and/or step-siblings.
• All individuals and businesses can submit only one application.
• Requirement for the business plan
• Business proposals should be innovative and feasible with clear financial forecasts
• All business plans must cover the important components in the business plan guideline provided.

For more information, visit Bank of Maldives.