The Bank of Maldives BML has revealed the winners of its Startup Grant that was announced in January 2022 for emerging entrepreneurs to win grant funding of MVR 500,000 to start or grow a business in the Maldives.
BML said that four individuals had won the grant money and that they;
- Mohamed Nazlee and Aishath Shamma Mohamed (NirisS Embroidery) -Expanding existing embroidery business
- Aminath Irasha (Kids Zone)-New business teaching woodcraft with a conducive learning environment for children with special needs.
- Hawwa Suzan (Hawwan Cakes)-Expanding existing small-scale, home-based cake business into a bakery and introducing training facilities.
- Aishath Liusha (Climate Smart Good Agricultural Practices)-Expanding existing business to promote sustainable farming.
BML said that the winners were selected through a highly competitive evaluation process comprising two stages. During the first stage, business plans were evaluated to shortlist the 10 most promising applicants. The selected applicants were required to present the business idea to an evaluation committee.
The Bank launched its Startup Grant Fund in January as the third of 12 high-impact monthly community initiatives to celebrate the lead-up to the Bank’s 40th anniversary.