The Sarawak state administration has launched a RM28 million financing scheme to support young entrepreneurs in starting up their ventures. Through a combination of grants and low-interest loans, the programme seeks to cultivate more youth-led startups throughout the state, create employment opportunities for young Sarawakians and speed up the post-pandemic economic rebound.

Key points of the programme
• Overall funding: RM28 million allocated over the next two years.
• Eligibility: Sarawak residents aged 18–40 with a legally registered business (sole proprietorship, partnership or private limited company).
• Grant portion:
– Up to RM30,000 per recipient.
– No collateral needed.
– Can be used for equipment purchases, working capital, marketing and digitalisation.
• Soft loan portion:
– Up to RM100,000 per borrower.
– Annual interest rate fixed at 3%.
– Repayment tenure up to seven years, including a one-year grace period.
• Support services: Successful applicants will receive mentorship, business coaching and access to networking events via appointed implementing agencies.

Implementation and application process
1. Bodies such as the Sarawak Economic Development Corporation (SEDC), the Ministry of Youth and Sports and selected foundations will oversee the distribution of grants and loans.
2. Prospective entrepreneurs must submit their proposals online via the state’s entrepreneur portal, including financial statements, a business plan and proof of registration.
3. An evaluation panel will review applications based on innovation potential, market scalability and social impact.
4. Shortlisted candidates will be invited for interviews prior to final approval.

Remarks from state officials
“In today’s competitive environment, access to affordable funding and expert guidance can be the deciding factor between a startup thriving or failing,” stated the Minister for Youth and Sports. “With this RM28 million initiative, we are equipping young Sarawakians to turn their ideas into sustainable enterprises while laying the groundwork for long-term economic diversification and job creation.”

Upcoming steps
The application window opens on July 1 and remains open until December 31 or until the funds are fully committed. Entrepreneurs are encouraged to prepare their proposals early to secure funding as soon as possible. Detailed guidelines, eligibility criteria and online submission links are available on the official Sarawak state government website.

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