Bank of Maldives (BML) has extended the application deadline for their start-up grant until July 2. The grant is aimed at individuals interested in business investment or entrepreneurs seeking to expand their businesses, provided they have been operational for less than a year.
This year, BML plans to award two grants, each worth MVR 500,000. Along with the financial assistance, selected applicants will also receive valuable financial advice to support them in their entrepreneurial endeavors.
The grant evaluation process will be conducted in two phases. In the initial phase, business plans submitted by applicants will undergo a review after which the top 10 plans will be selected as finalists. In the second phase, the shortlisted candidates will have the opportunity to present their businesses to a judging panel. The final grant recipients will be chosen based on the evaluation of both phases of the process.
The introduction of the start-up grant initiative by BML is in conjunction with their 40th anniversary celebration and in line with their commitment to fulfilling their 12 Corporate Social Responsibility (CSR) objectives. As part of this program, the bank provided grants to four deserving businesses last year, and this year's start-up grant initiative aims to continue supporting and empowering entrepreneurs in the Maldives.