Government Launches Second Phase of Youth Entrepreneurship Loan Scheme

MV+ News Desk | November 2, 2026
Photo: The President’s Office

The Ministry of Economic Development, Transport and Trade has announced the rollout of the second phase of the Youth Entrepreneurship Financing facility, fulfilling a pledge made by President Dr Mohamed Muizzu to empower young Maldivian business owners.

The initiative, implemented collaboratively by the Bank of Maldives (BML) and SME Digital, opened for applications yesterday. The launch follows President Muizzu’s announcement at the Maldives Expo 2026 awards ceremony on October 24, where he highlighted the administration’s policy priority of fostering youth-led commercial ventures.

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Under the collateral-free scheme, Maldivians aged 18 to 30 can obtain up to MVR 150,000 in financing to launch new startups or scale existing operations. Successful applicants will receive a repayment period of five years, inclusive of a six-month grace period.

To qualify, eligible youth must first complete an online financial literacy program hosted on the SME Digital portal before submitting their applications via the Bank of Maldives’ Swipe mobile application.

During the Maldives Expo awards, President Dr Mohamed Muizzu noted that the initial phase of the facility disbursed over MVR 300 million in financial support to more than 3,000 young entrepreneurs. 

Welcoming the scheme’s second stage, the Economic Ministry commended BML and SME Digital for aligning with the administration’s broader economic vision and urged youth across the country to leverage the facility to expand their commercial footprint.

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