Over 3,000 Young Entrepreneurs Secure $19.5 Million in Collateral-Free Financing

More than 3,000 young Maldivians have secured a combined USD 19.5 million in funding through the first phase of a youth entrepreneurship programme. The initiative, a collaboration between the Bank of Maldives (BML) and SME Digital, aims to lower the barriers to entry for aspiring business owners across the archipelago. Designed specifically for individuals aged 18 to 30, the Youth Entrepreneurship Financing facility provides collateral-free loans of up to approximately USD 9,727. Crucially, the programme requires no equity contribution, making it accessible to youth who lack initial capital or assets to pledge as security. Mohamed Shareef, CEO and Managing Director of the Bank of Maldives, noted that the overwhelming response highlights a significant appetite for entrepreneurship among the nation's youth. He emphasized the bank's commitment to helping young people transform creative ideas into sustainable enterprises while developing the professional skills necessary for long-term commercial success. Beyond the financial injection, the programme integrates a comprehensive support system to ensure business longevity. SME Digital has partnered with the Business Center Corporation to provide beneficiaries with dedicated mentorship, formal business training, and administrative assistance in formalizing their operations. This holistic approach ensures that recipients are not just funded, but are equipped with the managerial expertise to scale their ventures. According to Badhurudheen Hassan, CEO of SME Digital, the first phase has successfully expanded opportunities for youth to launch and grow small businesses. The project is being implemented in stages to ensure each cohort receives adequate guidance before new applicants are admitted. Over the coming weeks, the programme will focus on delivering mentorship and training to those who received funding in the initial round. For those awaiting the next opportunity, applications for the second phase of financing are scheduled to open on November 1, 2026. By strengthening the entrepreneurial ecosystem, BML and SME Digital aim to diversify the Maldivian economy and create sustainable self-employment opportunities for the next generation of local leaders.