Bank of Maldives (BML) has opened applications for the BML Startup Grant for 2023.
The BML Startup Grant is a program aimed for emerging entrepreneurs to win a grant funding, to start or grow their businesses. This year, two winning businesses will be selected to win MVR 500,000 each.
The bank will also provide mentoring support for the winners to successfully implement their plans.
BML’s CEO and Managing Director, Karl Stumke said, “Through the Startup Grant, we will continue to support the flourishing startup community in the country, helping to create opportunities for young businesses to thrive. We are seeing the successful implementation of last year’s winning business ideas under the close mentorship and guidance of our SME team; and we look forward to receiving innovative, sustainable ideas for this year.”
Applications must be sent before midnight, July 2, 2023. The winners will be selected through a competitive evaluation process comprising of two stages. The business plans will be evaluated to shortlist applicants under the first stage, and selected applicants must share their business plan to an evaluation committee in the final stage.
BML’s Startup Grant was launched as part of the series of 12 high impact monthly community initiatives to celebrate the bank’s 40th anniversary. Through the grant, the bank had funded a total of 04 businesses in 2022.