Kulhudhuffushi City Council Signs Financing Agreements with 15 Small Business Recipients

Kulhudhuffushi City Council has signed agreements with 15 successful applicants under the second round of its Workforce and Small Business Financing Scheme, an initiative designed to support local entrepreneurship and workforce development.

According to a press release by the council, the ceremony, held this morning, was attended by Mayor Mohamed Athif and Deputy Mayor Ahmed Abdullah, who signed the agreements on behalf of the Council alongside the selected recipients. 

The council said that the scheme, launched in 2024, aims to boost startups, expand existing small businesses and strengthen the local workforce. Speaking at the ceremony, Mayor Athif said 90% of the businesses funded in the 2024 cycle remain operational. He described the programme as a “seed planted by the Council in the local economy” and highlighted efforts to build human capacity, create commercial opportunities and promote local tourism.

A total of MVR 1,455,000 will be disbursed this year. Individual applicants are eligible to receive up to MVR 100,000. The financing is provided as interest-free support with no administrative fees and must be repaid over three years.

Support for Diverse Projects

The Council selected 15 recipients — seven women and eight men — under this round, reflecting its focus on equal opportunity and financial empowerment, the council said. 

According to the press release, the funded projects span multiple sectors, including primary industries such as farming, carpentry and welding; technology initiatives such as the introduction of a dedicated taxi app for Kulhudhuffushi; service-based ventures including air-conditioning installation and vehicle maintenance; production businesses such as fish packing, bakeries and food enterprises; and education and arts projects including tuition classes, Quran classes and art-related businesses.