Bank of Maldives has announced the winners of the bank’s Startup Grant scheme on Tuesday, 28th June. The Startup Grant was announced earlier in January of the current year, aimed at emerging entrepreneurs to help in funding their ventures.
Under the scheme, the national bank of Maldives will be funding up to MVR500,000 depending on the depth and intensity of the requirements.
The winners of the Startup Grant are;
- Mohamed Nazlee and Aishath Shamma Mohamed (NirisS Embroidery) – expanding the existing embroidery business
- Aminath Irasha (Kids Zone) – new venture teaching woodcraft with a conducive learning environment for children with special needs
- Hawwa Suzan (Hawwan Cakes) – expanding small scale home-based cake business into a bakery and introducing training facility
- Aishath Liusha (Climate Smart Good Agricultural Practices) – expanding existing business to promote sustainable farming
“Winners of today’s BML Startup Grant fund are emerging entrepreneurs who have demonstrated eagerness and promise to grow and manage their businesses sustainably through their plan and presentation. They were selected out of over 100 applicants across the country. We are proud to support these businesses and look forward to witnessing them create new jobs while making a positive impact towards the community,” the bank’s Chief Executive Officer Mr. Timothy Sawyer said regarding the grant.
The evaluation was conducted under two phases, with the first phase focusing on business plan evaluation to filter a total of 10 shortlists. Under the second phase, all shortlisted applicants were required to present their business concept in front of the evaluation committee.