Grants and Loans

Grants and Loans Program

MILE’s Grant and Loan Program was established in 2023 to help new businesses with limited funding opportunities to navigate through the demands of the start up world and survive in a competitive and constantly changing business environment.

 

MILE’s Grants and Loans program is designed to bring new, innovative and sound business ideas to reality through technical and financial support. The program provides small funds to low-income businesses and owners to help them realize their true potentials.

 

Our Funding

Maximum amounts under this program are:

 MWK 500,000.00 in grant funding.

 MWK 1, 000,000.00 in loan funding

 MWK 500,000.00 in technical support

 

Eligibility

  1. The owner/owners of the business must be a low-income youth aged 30 years or younger before the application.
  2. At least one principal owner of the business should be MILE Academy graduate
  3. The owners must be able to make a cash investment of no less than 20% of the total project costs.
  4. Business owner/owners must be Malawian residing in Malawi.
  5. At least one principal owner of the business must actively be involved in the business on a day-to-day basis and have the specific skills, training and knowledge to carry out the business.
  6. The business idea must align with MILE’s mission and vision
  7. Must have a business plan and a well outlined Strategic Action Plan

What is not eligible?

Businesses such as liquor, real estate and gambling are not legible for MILE funding.

Costs covered in our grant funding.

  1. Operating Costs (start-up only)
    • Rent, Utilities & Insurance for first 3 months of operations.
  2. Marketing Costs
    • Website, Advertising, Signage, Decaling.
  3. Business Support Costs
    • Legal, Accounting/Book-keeping during start-up

Costs not covered in our grant funding

1. Capital costs: Equipment, Machinery, Leasehold Improvements, Commercial Vehicles, Supplies.

2. Personal costs: Costs already incurred by the owners.

Application process

To apply for MILE Grant and Loans, please fill the online application form here.

Contact Us

For more information about the program, contact our office directly and speak to our program

team for more details on grants@mile.org.mw.