BML announces Startup Grant winners

Bank of Maldives has announced the winners of the BML Startup Grant – an initiative which offers emerging entrepreneurs funding of MVR 50,000 to start or grow businesses in Maldives.

The bank announced four winners of the BML Startup Grant on Tuesday. They are:

• Mohamed Nazlee and Aishath Shamma Mohamed (NirisS Embroidery)

They received the grant to expand their existing embroidery business.

• Aminath Irasha (Kids Zone)

She received the grant to set up a new business teaching wood craft with a conducive learning environment for children with special needs.

• Hawwa Suzan (Hawwan Cakes)

She received the grant to expand her existing small scale, home-based cake business into a bakery and introducing training facilities.

• Aishath Liusha (Climate Smart Good Agricultural Practices)

She received the grant to expand her existing business to promote sustainable farming.

BML said the winners were selected through a highly competitive evaluation process comprising of 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.

BML’s CEO and Managing Director Timothy Sawyer said the winners of the BML Startup Grant Fund were emerging entrepreneurs who had 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,” he said.

BML 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.