Youth Entrepreneurship Financing opens phase two at MVR 150,000

By Amara Osei

Bank of Maldives (BML) and SME Digital have opened applications for phase two of their Youth Entrepreneurship Financing facility, Edition.mv reported on November 1, 2026. Financing runs up to MVR 150,000 at a 7% annual profit rate, according to the report.

The programme supports young entrepreneurs who want to start and grow businesses, according to Edition.mv. During phase one, the lenders provided more than MVR 300 million in financing to over 3,000 young entrepreneurs across the country.

Who qualifies, and on what terms?

Individuals aged 18 to 30 can apply, Edition.mv reported. The phase-two package carries these terms:

• Maximum financing: MVR 150,000.
• Annual profit rate: 7 percent.
• Repayment period: five years, including a six-month grace period.
• Collateral: applicants need not provide it.
• Equity contribution: applicants need not provide it.

Borrowers have five years to repay the facility, and the schedule includes a six-month grace period, according to Edition.mv. The terms also drop both a collateral requirement and an equity contribution.

Financing reaches a maximum of MVR 150,000 under the scheme, according to Edition.mv. The second phase retains the youth focus of phase one, with the same MVR 150,000 ceiling and 7% annual profit rate, according to the report.

Phase two does not add a new partner. Bank of Maldives and SME Digital launched the facility jointly, according to Edition.mv, and the second round remains a joint product of the two institutions. The course requirement and the app-based submission route sit inside that shared structure.

How does an applicant reach the bank?

Edition.mv reported two steps between eligibility and a funding request. Applicants must first complete an online financial literacy programme through the SME Portal.

The course covers business financial management, including record keeping and key considerations when operating a business with financial assistance, according to Edition.mv. It is a prerequisite: the report places the online programme before any financing request.

After finishing the course, applicants submit financing requests through the BML Swipe App, according to Edition.mv. The app handles the request; the SME Portal handles the required training.

Applications for phase two will remain open until the allocated funds are fully utilized, Edition.mv said. The round therefore runs on a funds-exhausted basis, with no fixed closing date stated in the report.

What did phase one demonstrate?

SME Digital CEO Badhurudheen Hassan said: "The first phase of this newly introduced financing received an overwhelming response that exceeded our expectations. We observed that the youth were in genuine need of such financing opportunities." He added: "It brings us great pleasure to have facilitated the chance for young people to pursue their desired ventures through this financing."

His comments followed a first phase that delivered more than MVR 300 million to over 3,000 young entrepreneurs across the country, according to Edition.mv. The national reach matched the programme's stated purpose of helping young people start and grow businesses.

Why does the application sequence matter?

For applicants, the SME Portal course functions as a gate before any financing request, according to Edition.mv's account. It concentrates on record keeping and business financial management, the areas the report links to running a business with borrowed funds.

For BML and SME Digital, the structure pairs an open intake window with a hard ceiling on lending, as described by Edition.mv. The pool runs until it is exhausted, and the first-phase benchmark is more than MVR 300 million across over 3,000 borrowers.

The next measure is reach. Whether phase two matches the 3,000-plus young entrepreneurs financed in phase one will depend on uptake and on the size of the second allocation, which Edition.mv did not specify.