BANDAR SERI BEGAWAN
Five local businesses yesterday received B$155,000 in startup funding from Brunei Shell Petroleum (BSP) through a new initiative under LiveWIRE Brunei.
The recipients are Hazeeyah Agro Farm which received B$50,000, Santaiaje Niaga Enterprise which received B$45,000, B$30,000 to Pondok Selera Kitani, while Al-Huffaz Management and Roy’s Car Wash each received B$20,000 and B$10,000 respectively.
The recipients of the funds were top winners under Category A (Business Plan) and Category B (Enterprise) of the LiveWIRE Brunei Business Awards.
The new initiative, called the LiveWIRE Business Awards Startup Funding Scheme, was first announced during the recent LiveWIRE Brunei 11th Business Awards 2017-2018 by BSP Managing Director Dr Ceri Powell, in support for local entrepreneurship.
The scheme is elegible for participants of LiveWIRE’s business programmes with solid business plans.
These proposals are then vetted by LiveWIRE Brunei’s Business Award Council members.
LiveWIRE Brunei said the amount of fund will be a percentage of the initial capital to allow the immediate startup of business. This will range from a minimum of B$5,000 to a maximum of B$50,000 and payable within a 36-month flexible term, interest-free period.
LiveWIRE Brunei also collaborated with Bank Islam Brunei Darussalam to facilitate the funding and monitor the recipients’ accounts.
One of the recipients, Siti Nooriah Hj Muhammad Bokhari of recreational bike rental service Santaiaje Niaga Enterprise, said that the funding would help her increase the number of bikes.
“We started three years ago and currently we have about 30 bikes,” said Siti Nooriah, who runs the business with her husband.
“Although there are a lot of businesses doing the same thing, we hope to bring in something unique and different,” the 38-year-old entrepreneur added.
Nur Haziyah Abdul Rahman, the owner of Hazeeyah Agro Farm, said she plans to add another 1,000 ducks at her farm to produce eggs for salting.
“I hope to open a bigger duck coup on a larger piece of land near my current duck farm,” she said.
Meanwhile, Islamic religious service provider Al-Huffaz Management plans to use the funds to help expand its online platform.
“We are planning to be more IT friendly to our students and teachers,” said Siti Missalina Abd Rahman, the startup’s executive administration officer.
“We plan to have an automated online payment gateway and set up more branches,” she added.
The ceremony took place at The Empire Hotel & Country Club, with the Energy and Industry Minister Yang Berhormat Dato Seri Setia Dr Hj Mat Suny Hj Mohd Hussein present as the guest of honour.