Organization : Darussalam Enterprise (DARe)
Facility : Co-Matching Scheme
Country : Brunei
Website : https://business.mofe.gov.bn/co-matching-scheme/
What is DARe Co-Matching Scheme?
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%. 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.
Categories of DARe Co-Matching Scheme
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
How To Apply For DARe Co-Matching Scheme?
1.Fill in the form and prepare all the required documents.
Download Application Form Here : https://www.dare.gov.bn/en/Finance.html
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)
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
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
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.