Bank of Maldives has opened applications for the 2026 edition of its Startup Grant initiative, offering MVR 1 million in non-repayable seed funding to support local entrepreneurship.
Under the scheme, two selected winners will each receive MVR 500,000 to launch a new business idea or expand a micro or small enterprise operating for less than 12 months. Each recipient will also be assigned a dedicated Relationship Manager who will provide one year of structured business support and guidance.
The grant is open to individual Maldivian citizens aged 18 to 60 and newly registered micro and small businesses. Applicants must hold a clean credit record with BML, have no unresolved anti-money laundering issues, and hold no ownership stakes in companies registered for longer than a year. BML staff and immediate family members are ineligible.
Applicants must submit a comprehensive 12-page business plan by 14:00 hrs on Tuesday, 10 November 2026. Submissions are not restricted by industry sector provided they comply with local laws.
An expert panel will select ten finalists who will each deliver a 30-minute pitch. The final two recipients will be chosen based on clarity and commercial viability. Winners are expected to implement their plans within 12 months of receiving the award.
The scheme aims to foster emerging businesses and expand entrepreneurial activity.