Bank of Maldives, in collaboration with SME Digital, has officially launched the “Youth Entrepreneurship Financing” facility, specifically designed for youth between the ages of 18 and 30. Inaugurated by the President, this facility provides financing of up to MVR 150,000 without the requirement of any collateral.
This loan scheme carries a low interest rate of 7% per annum, features an expedited approval process within 24 hours, and offers a repayment period of 5 years along with a 6-month grace period. In addition to financial assistance, the scheme will also provide the necessary training and mentorship to help businesses thrive. This is a significant initiative aimed at fostering young entrepreneurs and empowering them economically.
