President Abdulla Yameen Abdul Gayoom has stated that applications for the loan scheme launched under the Government’s Youth Entrepreneurship Program, getset, will open on 1 January 2015. The President made this statement on Tuesday evening while speaking at the special event held to mark the National Youth Day.
Speaking at the event, President Yameen highlighted that 200 million rufiyaa has been allocated to the 5 year loan scheme, with 40 million rufiyaa being apportioned for next year alone.
Highlighting the benefits of the loan scheme, the President stated that successful applicants will not be required to take out a mortgage, and in the event that the business is unsuccessful, they will not be tied to a debt.
Continuing in the regard, President Yameen asserted that incubation services will be provided to successful applicants for a period of 9 months. These services will include feasibility assessments for start-up businesses, consultancy services, and staff recruitment support.
The President further emphasized that the main aim of such initiatives is to empower talented young Maldives to enter the business field and to reach their potential.
