BML Startup Grant: Win MVR 500,000 Funding (Maldives)

fundsforNGOs

2 years ago

Deadline: 2-Jul-23

Applications are now open for the BML Startup Grant launched by Bank of Maldives.

The BML Startup Grant is a program for emerging entrepreneurs to win funding to start or grow a business in the Maldives.

The BML Startup Grant aims to foster emerging entrepreneurs to explore new business ideas, start-ups, or grow an existing micro or small business in the Maldives.

Stage 1
- Business Idea
  - BML Startup Grant does not limit business ideas based on a specific sector. The proposed ideas shall be viable and presented in the form of a comprehensive business plan in the provided format. Any illegal/prohibited activity or business idea conflicting with the interests of the Bank are not eligible for the grant.
- The Business Plan format
  - The business plan should not exceed 40 A4 size pages including figures and tables. All of the areas provided in the business plan format shall be addressed clearly in English language. The business Plan should be submitted with the BML Startup Grant Application Form.
Stage 2
- From the successful applicants, 10 finalists would be selected and required to present the business idea in front of the evaluation panel. Each finalist will be given 30 mins to present the key areas of the proposal. The venue and date will be informed individually to the finalists.
- 2 winners will be selected based on presentation and will receive a maximum funding of MVR 500,000 each.

Individuals
- Maldivians aged between 18 to 60 years can apply individually or jointly
- Employees of Bank of Maldives and their immediate family members are not eligible.
Businesses
- Should not be a registered business for over 12 months
All Applicants
- Government bodies, business entities and other institutions that are state funded are not eligible
- All individual applicants and businesses must be credit worthy customers of Bank of Maldives.

For more information, visit Bank of Maldives.