Four individuals who received loans under the GetSet Youth Entrepreneurship programme said funding received through the programme had made it possible for them to pursue their entrepreneurial dreams.
The group of four friends started their own business under the name Social Gamers Pvt. Ltd. which now operates a gaming arcade.
The Get Set loan scheme initiated by the government aims to encourage youth entrepreneurship in the country. According to the Ministry of Economic Development, 34 loans were provided to 72 youth under the first phase of the scheme. The Ministry was involved in providing support and facilitating technical guidance needed for youth to launch startups.
One of the startups, a gaming arcade centre, operated by four friends, aims to give gamers the opportunity to get-together and play their favourite games. Social Gamers Pvt. Ltd. operated gaming arcade has a capacity of 20 gamers. The company said that the gaming arcade is almost always operating at its full capacity.
Managing Director at the company Ahmed Shabeen said that “the partners of the company already had a plan when Get Set loan scheme was announced.”
The government initiated Get Set loan scheme offers easy repayment options with a one year grace-period. “The one-year grace-period had been a huge relief for the company,” he said.
Under the GetSet programme, the Government also provides incubation services for nine-months for recipients of loans. According to the Government, these services include feasibility assessments for start-up businesses, consultancy services, and staff recruitment support. The programme aims to empower talented youth to enter the business field.
Shabeen also said that “we are receiving a lot of support from the Ministry of Economic Development. We have now successfully set up the business and we now look forward to creating young gamers who will represent the Maldives in international competitions.”
Loans provided under the Get Set have a repayment period of nine years with a grace period of one year. The loan scheme has given hope to many people seeking funds for setting up their business. It is offered to youth between ages of 18 and 35.
The Economic Ministry said the first round of the Get Set programme was a success and it is now preparing to announce the second round of the programme soon.