BML and SME Digital launch Youth Entrepreneurship Financing for young business owners

Bank of Maldives (BML) and SME Digital have launched a new financing facility for youth entrepreneurs, offering loans of up to MVR 150,000 without collateral, the two institutions said in a joint statement dated July 15, 2026.

President Dr. Mohamed Muizzu officially launched the "Youth Entrepreneurship Financing" facility at the Youth Entrepreneurs Expo, which opened the same day.

The facility is open to applicants aged 18 to 30 and does not require collateral or equity. It carries a profit rate of 7% a year, with loans processed within 24 hours of application, according to the statement. Approved applicants get a five-year repayment period with a six-month grace period.

Beyond financing, SME Digital said it will provide business guidance, mentorship, and training to recipients at each stage of building their business.

BML CEO and Managing Director Mohamed Shareef said supporting young entrepreneurs is an investment in the country's future. He said the facility, run under what he described as an MVR 1 billion financing scheme with SME Digital, is intended to help turn youth ideas into functioning businesses and build long-term business skills.

SME Digital CEO and Managing Director Badhurudheen Hassan said the 24-hour approval process would let young entrepreneurs act on their ideas without delay. He said the goal, in partnership with BML, is to make starting a business easier and to give young entrepreneurs the confidence to begin.

SME Digital, formerly the SME Development Finance Corporation (SDFC), became a subsidiary of BML in 2025 after the bank acquired the government's shareholding in the company. BML holds an 85% stake, with the remaining shares split among the Malé, Addu, and Fuvahmulah city councils. It operates under a financing business license from the Maldives Monetary Authority (MMA).

The new facility adds to a broader range of SME Digital financing products introduced since the rebrand, including an existing collateral-free facility of up to MVR 100,000 for new and micro enterprises and separate schemes for women entrepreneurs, tourism businesses, and vessel financing.