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Co-matching scheme: A new grant to help grow local businesses


 By Darussalam Enterprise (DARe)

 

Co-matching grant is an initiative scheme introduced by Darussalam Enterprise (DARe) recently in 15th June 2019, aims to provide co-matching funding with the recipient to "co-match" 30% of the total amount, while DARe will fund the remaining 70%.


What is co-matching grant?

 

  • Under this 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.

  • DARe's co-matching grant is separated into two categories:

    • 'Starting Up'
      • Businesses registered under 12 months old
      • Targeted to assist in the starting up of innovative startups (i.e. obtain certification, equipment or market their business)
      • Successful applicants will be entitled to receive up to B$10,000 contribution from DARe
      • Applicants must attend DARe's capacity building programmes either DARe's Accelerate or Micro Bootcamp.
         
    • 'Expansion'
      • Targeted at businesses looking to expand their businesses to the next level whether to increase sales, expand the range of products or services or looking into expanding internationally (i.e. the adoption of technology and software, equipment, marketing and consultancy services for accredited certifications)
      • Successful applicants will be entitled to receive up to B$20,000 contribution from DARe
  • All applicants MUST be registered and/or update their business information with 'Business Reporting Portal' here.

Why is it introduced?


  • To encourage and assist in the starting up of innovative startups
  • To facilitate meaningful growth of promising MSMEs and cooperatives by increasing revenue and encouraging export in the near future.
  • To improve the productivity of local MSMEs in Brunei Darussalam

How do I apply for the grant?



1.       Fill in the form and prepare all the required documents.

Download the application form/registration form here.

Documents required:

  • Identification Card (for shareholder(s) / owner(s) only
  • Registration/Incorporation Certificate
  • Firm/Company Profile
  • Shareholder Certificate(s)
  • Notice of Situation/Registered Address
  • Latest Form X (only for businesses registered as Sdn Bhd)
  • Memorandum of Association (only for businesses registered as Sdn Bhd.)
  • Articles of Association (only for businesses registered as Sdn Bhd.)
  • Financial documents including Profit & Loss, Balance Sheet and Cash Flow for the past 3 years
  • Financial Projection for the next 3 years (for Starting Up category) and 5 years (for Expansion category)
  • Executive summary and Business Plan (please refer to the Business Plan Guideline here)

* To download the business plan template, please go here.

To find out more on the programme that offers on how to write an effective business template, click here.

 

2.       Submit application.

Submit the application online and attached the required documents via email at financing@dare.gov.bn OR send by-hand to the Business Helpdesk at the Design & Technology (D&T) Building, Anggerek Desa Technology Park.

*The application will be approved within 2 months from the date of submission, depending on the complexity of the process.

 

3.       The application will be screened and evaluated by DARe.

DARe will examine the application for any deficiencies (formalities) and in accordance with the requirements under the eligibility.

Applicants are expected to fully satisfy both the eligibility and evaluation criteria. Applicants are also expected to give complete documentation. During the application process, applicants will also be called in for an interview.

To be eligible for the scheme, businesses/companies have to satisfy the following categories:-

  • Applicants must fall within the definition of micro, small or medium enterprises i.e. have fewer than 100 employees.
  • Company/business must be registered and based in Brunei Darussalam (100% locally owned businesses by Citizens or Permanent Residents).
  • Able to match 30% of total project cost, with applicants having prior investment be advantageous.
  • Company/Business should practice proper book-keeping, and able to provide applicable financial records.
  • Company/Business will go through a structured internal assessment by the relevant departments in DARe.
  • The project/activities that are funded by this scheme are to be completed within a period of twelve (12) months.

More information on the eligibility guidelines can be found here.

 

4.       Applicants who pass the eligibility screening will be assessed further by the SME Financing Committee.

DARe will examine the application further based on these criteria:

  • Commercial Merit
  • Team Competency
  • Innovation Merit 

More information on the evaluation criteria can be found here.

 

5.       Scheme granted

Upon endorsement of application, the recipient will have to sign a Terms and Condition (T&C) with DARe. Certain milestones will have to be met for the disbursement of the fund.

Before funds are disbursed, applicants must also submit quotations or invoices for the products and services they seek to procure.

Click here to know more on the eligible and ineligible expenses.


 For more information on the co-matching scheme and the FAQs, please visit their website at www.dare.gov.bn or email at financing@dare.gov.bn or contact them at +673 2384830/ +673 836 3442

Download the presentation slides here.

To find related articles and press release, please click here.