RM15,000 startup grants offered to young entrepreneurs

MINISTRY of Youth, Sports and Entrepreneurship Development (MYSED) offers young entrepreneurs startup grants of up to RM15,000, as well as access to a RM25-million soft loan scheme, to help them launch businesses.

Deputy Minister of Youth, Sports and Entrepreneur Development, Datuk Dr Ripin Lamat said eligible participants can apply for up to RM15,000 under the SYStartUP Grant, subject to terms and approval, to cover startup needs and business development.

“The ministry has also worked with Affin Bank to provide a RM25-million soft loan facility to improve access to financing,” he said in his reply to Dr Safiee Ahmad (GPS-Daro) today.

Participants will also receive guidance on business registration and licensing, financial management and business plan preparation.

Follow-up monitoring enables the ministry to identify challenges faced by entrepreneurs, and provide appropriate advice and referrals.

Ripin said that the ministry also provides marketing and business networking support.

“Combined with financial support and mentoring, this is aimed at helping youths start their businesses and ensuring the ventures keep operating and growing,” he said.

On plans to further strengthen youth startup development in Sarawak, Ripin said the ministry will take a comprehensive approach covering training, financing, technology and market expansion.

He said the first SYStartUP Hub in Sarawak has been set up as a reference centre and networking platform for young entrepreneurs, giving them information on entrepreneurship programmes, financing opportunities and mentoring services.

“The ministry, together with the Ministry of International Trade, Industry and Investment (MINTRED), will also set up a special committee to coordinate private sector and government-linked companies’ (GLCs) involvement in developing startups and micro, small and medium enterprises (MSMEs),” he said.

The move follows a decision by the Sarawak Entrepreneur Development Coordination Committee (SEDCC).

He said the committee aims to open up more industry mentoring, business matching, market access and strategic collaboration to help young entrepreneurs start, strengthen and expand their businesses.