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What is the Co-Matching Scheme?
The scheme aims to provide a co-matching funding with recipient to “co-match” 30% of the total amount, while DARe will fund the remaining 70%.
What is the Co-Matching Scheme for?
• The scheme looks to encourage and assist in the starting up of innovative startups and to facilitate meaningful growth of promising MSMEs by increasing revenue and encouraging export in the near future.
• The scheme is also open for new businesses. However, applicants have to go through DARe’s accelerate or Micro Bootcamp Programme.
What is the maximum amount contributed by DARe?
DARe will contribute 70% of project cost (up to a maximum of B$20,000). Higher costing project will be eligible to be funded but only up to a maximum of B$20,000.
Who is eligible for the scheme?
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 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.
How will my application be evaluated?
There are certain criteria that applicants will be evaluated, these criteria are:
> Commercial Merit
> Team Competency
> Innovation Merit
More information on the criteria can be found in the form at the bottom of this page.
How long will it take for my application to be processed?
Applications will be processed internally upon receiving complete documentation. However, the decision for your application will be made within 2 months.
What is expected from applicant during the application process?
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.
Once my application is endorsed, what will the following process be?
Upon endorsement of application, 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.
What is expected from recipients of the scheme?
Recipients will be expected to report to DARe on the performance of their project and their business/company. DARe will also closely monitor recipients of the scheme so that recipients could fully utilise all of DARe’s initiatives.
How will I know if there is a change in the status of my application?
DARe will inform through email if there are any changes in status for your application.