| Danial Norjidi |
A NEW initiative called the Business Awards Start-Up Funding Scheme has been launched for participants of the LiveWIRE Brunei Business Awards.
Brunei Shell Petroleum Company Sdn Bhd (BSP) via LiveWIRE Brunei in collaboration with Bank Islam Brunei Darussalam (BIBD) launched the new initiative to support the country’s continuous effort to diversify economically active participation of small and medium enterprises (SMEs) in Brunei Darussalam, according to a press release.
The Business Awards Start-Up Funding Scheme is specifically for Bruneians participating in the LiveWIRE Brunei Business Awards in the following areas: Category A (Business Plan) – Livewire Programme Participants; and Category B (Enterprise) – LiveWIRE Business Start-Up (six months to three years in business).
The launch of the Business Awards Start-Up Funding Scheme was announced by Managing Director of BSP, Dr Ceri M Powell, while delivering a speech at the 11th LiveWIRE Business Awards 2017-2018 presentation ceremony.
“In our continuous effort to support development of SMEs and micro SMEs in Brunei, BSP via LiveWIRE Brunei is today launching the Business Awards Start-Up Funding Scheme for Bruneians participating in this LiveWIRE Brunei Business Awards,” she said.
She explained that the Business Awards Start-Up Funding Scheme is an interest free grant ranging from BND5,000 to a maximum of BND50,000, payable within 36 months, with flexible terms of repayment.
“The finalists from the categories will be considered for the Business Awards Start-Up Funding Scheme,” she said. “The award will be based on the feasibility and the future potential of the business for Category A, and sustainability, good governance and growth potential for Category B.
“The intent of this is to further accelerate your businesses, to make them more sustainable and give you a way to secure capital to jump start the early phase of your business ideas,” highlighted the BSP Managing Director.
“So with that exciting announcement, I would like to say congratulations to all of the participants,” she added. “We wish you all of the best in your exciting entrepreneurial future in Brunei and beyond.”
The Business Awards Council comprising a panel of judges from BSP, BIBD and LiveWIRE officials has been set up to establish the authority body for both the effective selection of finalists and winners of the funding scheme.
Chairperson of LiveWIRE Brunei and Head of Supply Chain Management at BSP, Hajah Rosita binti Haji Hassan, spoke on the new funding scheme in an interview with the Bulletin.
She confirmed that the scheme is aimed at helping finalists further with their development. “They will go through business pitching sessions soon in the coming weeks, and we expect to award this business startup funding in June this year.
“It’s not just funding that we will provide,” she said. “We will also be providing them business mentors throughout the three-year programme so we will continue to monitor how they manage their business and especially we want to see how they grow their business.”
She added that the funding scheme will be a continuous programme, with the first batch or cohort being finalists of this year’s LiveWIRE Business Awards.
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