Second Phase of Youth Entrepreneurship Financing Opens: Up to MVR 150,000 Without Collateral

The second phase of Youth Entrepreneurship Financing, introduced by Bank of Maldives (BML) and SME Digital, opened today. This financing facility is designed to provide easy financial assistance to turn business ideas of skilled youth aged between 18 and 30 into reality. Under this facility, financing of up to MVR 150,000 is offered without any personal cost or collateral, at an interest rate of 7% per annum. Borrowers are granted a total term of 5 years, including a 6-month grace period for repayment. Before applying, applicants must complete an online Financial Awareness Program via the SME Portal to learn how to maintain business financial accounts and understand important matters when running a business with financing. After completing the program, applications can be submitted using the BML Swipe app until the total financing amount allocated for this phase is exhausted. Badruddin Hassan, CEO of SME Digital, said they received more enthusiasm than expected for the first phase of this newly introduced financing. "We observed that young people are interested in such financing opportunities," he said, adding that it is a pleasure that this financing has enabled young people to gain employment opportunities as they desire. The first phase of Youth Entrepreneurship Financing was successfully completed, with financing exceeding MVR 300 million provided to over 3,000 young entrepreneurs across different parts of the country.