DARe inviting Brunei SMEs to apply for grants up to $20k

Under the co-matching system, MSMEs front 30% of project cost with DARe funding the remaining 70% for up to $20,000

Executive Officer at DARe Ak Ahmad Najib Pg DP Hj Bahrom explaining the co-matching grant during a briefing session to MSMEs at the D&T building in Anggerek Desa earlier this month.

Darussalam Enterprise (DARe) is inviting wholly Bruneian-owned micro, small and medium enterprises (MSMEs) looking for funding to grow their businesses to apply for up to $20,000 in grants under their co-matching scheme.

The “co-matching” component of the grant requires MSMEs to put forward 30% of the project cost they are looking to implement, with DARe’s grant funding the other 70% for a maximum of $20,000.

DARe Executive Officer Ak Ahmad Najib Pg DP Hj Bahrom said the matching component of the grant creates a shared investment and ensures commitment from the applicant in delivering the growth targeted from utilising the funds.

DARe’s co-matching grant is separated into two categories: Starting Up which provides up to $10,000 and Expansion which provides up to $20,000. Both require businesses to fully owned by Brunei citizens or permanent residents and fall into the category of MSMEs, defined nationally as enterprises with less than 100 employees.

Ak Najib added that the expansion grant can also be awarded to a business more than once to achieve a separate target or implement a new project.

“The funding (in principle) is given to help improve the MSMEs productivity and grow their revenue, especially local businesses that have the potential to export,” he said.

The projected turnaround time for an application is two months.

Those seeking up to $10,000 under the Starting Up category must be businesses registered under 12 months old who are looking to use the funds to obtain certification, equipment or market their business within a period of 12 months. They are also required to attend DARe’s capacity building programmes including DARe’s Accelerateor Micro Bootcamp.

Those seeking up to $20,000 under the Expansion category meanwhile should be able to provide financial records and implement the funding within 12 months for activities that can expand the company and its productivity; including the adoption of technology and software, equipment, marketing and services for accredited certifications.

Before funds are disbursed, applicants must also submit quotations or invoices for the products and services they seek to procure. The grants cannot be used to pay salary, director fees, rental, office renovations or debts.

To apply for the co-matching grant head over to DARe’s website.