Bank of Maldives (BML) has announced two winning businesses for the BML Startup Grant 2023.
This grant is designed to support emerging entrepreneurs by providing funding of MVR 500,000 to start or expand a business in the Maldives.
The winners of the grant are "Maldives Patissier," a proposal submitted by Aminath Hameed to establish a bakery, and "Naza Health," a proposal submitted by Sanfa Nazahath Ahmed to establish a physical rehabilitation service center in Lhaviyani atoll, Naifaru.
BML Startup Grand winner Sanfa Nazahath Ahmed presenting her business -- Photo: BML
According to the bank, the Startup Grant Fund, which was announced in June, had been highly received. The selection process for the grants included evaluations, with the top 10 proposals being shortlisted. Grant recipients were chosen based on presentations about their business idea to an evaluation committee.
BML CEO and Managing Director Karl Stumke said “We are proud to support these businesses and look forward to witnessing them create new opportunities while making a positive impact in the community.”
The BML Start-up Grant was first announced in January 2022. Last year, the bank awarded grants to four businesses.