Second phase of youth entrepreneurship financing opens

Young entrepreneurs aged 18 to 30 can apply for up to MVR 150,000 in financing without collateral or equity contribution under the second phase of the BML and SME Digital facility.

Mohamed Hilmy

01 November 2026, 09:50

Applications have opened for the second phase of the Youth Entrepreneurship Financing facility introduced jointly by Bank of Maldives and SME Digital.

The facility is available to entrepreneurs aged 18 to 30 and offers financing of up to MVR 150,000 without requiring an equity contribution or collateral.

Financing is offered at an annual profit rate of 7%, with a repayment period of five years, including a six-month grace period.

Applicants are required to complete an online financial literacy programme through the SME Portal before applying for financing.

The programme covers areas including maintaining business financial records and managing a business that has received financial assistance.

Once the programme is completed, financing applications can be submitted through the BML Swipe App. Applications will remain open until the funds allocated for the second phase are exhausted.

The second phase follows strong uptake under the first phase of the programme, which provided more than MVR 300 million in financing to over 3,000 young entrepreneurs across the Maldives.

SME Digital Chief Executive Officer Badhurudheen Hassan said the response to the first phase exceeded expectations and indicated strong demand among young people for entrepreneurship financing.

Second phase of youth entrepreneurship financing opens

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