Darussalam Enterprise (DARe) recently introduced a co-matching grant scheme of up to $20,000 for local micro, small and medium enterprises (MSMEs) and cooperative to encourage growth through sharing the cost and responsibility of investment.
Under the scheme, businesses will invest in 30 per cent of the total cost of a project, while DARe will finance 70 per cent of the total cost for a maximum of $20,000.
The co-matching grant scheme is divided into two categories; The “Starting Up” category, which offers up to $10,000; and the “Expansion” category, which offers up to $20,000.
For both categories, businesses need to be registered and based in Brunei, fully-owned by citizens or permanent residents of Brunei, and fall into the national definitions of MSMEs.
Micro enterprises are businesses that have less than four employees, small enterprises comprising of five to19 employees and medium enterprises with 20 to 99 employees.
Companies wishing to apply for the Starting Up category (up to $10,000) must be businesses registered under 12 months seeking to utilise the funds to obtain certification, equipment or market their business within the next 12 months.
Participants are also required to undergo DARe’s capacity-building programmes including DARe’s Accelerate and/or the Micro Bootcamp programmes to strengthen entrepreneurial knowledge and skills to start and scale their business.
Meanwhile, companies wishing to apply for the Expansion category (up to $20,000) are required to provide financial records.
Project funding under the category is for a span of 12 months for company expansion which includes the use of technology, equipment for upgrading productivity, marketing and consulting services for accredited certification.
Each application must showcase a business plan that demonstrates the potential for further development and commercialisation, focusing on the target market, potential competition, revenue stream, product and service uniqueness, realistic scalability and projection, and project duration.
The opening of grant applications will be announced through DARe’s social media and online platforms soon. Follow them on Instagram @darussalamenterprise, Facebook ‘DARe’ and its website www.dare.gov.bn.
For more information, please contact DARe via email at firstname.lastname@example.org or at +6738363442 / +6732384830.
The Bruneian | BANDAR SER BEGAWAN