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KUCHING, 16 Oct: Young entrepreneurs in Sarawak can apply for SYStartUP Grants up to RM15,000 to help meet business start-up and development needs, subject to the terms and approval of the application.
Deputy Minister of Youth, Sports and Entrepreneurship Development Sarawak, Datuk Dr Ripin Lamat said the ministry also provided access to financing through easy loan facility worth RM25 million as a result of cooperation with Affin Bank.
According to him, support for young entrepreneurs also includes technical guidance regarding business registration and licensing, financial management and preparation of business plans.
"This combination of financial support, guidance and market access is aimed at helping young people start businesses as well as ensuring their businesses can continue to operate and grow", he said.
He said this while answering the question of Member of the Daro State Legislative Assembly (DUN), Dr Safiee Ahmad, at the Sarawak State Legislative Assembly Conference, here today.
In an effort to expand the development of young start-ups, the ministry also established the first SYStartUP Hub in Sarawak as a reference centre and network of entrepreneurs.
"The hub provides access to entrepreneurial program information, financing opportunities and guidance services, as well as helping with business coordination and expansion planning", he said.
Ripin said that the ministry also worked with the Sarawak Ministry of International Trade, Industry and Investment to set up a special committee to coordinate private sector and government-related companies (GLC) involvement in the development of start-ups as well as micro, small and medium enterprises (SMEs).
The initiative aims to open up more opportunities for industrial guidance, business partnership, market access and strategic cooperation to help young entrepreneurs develop their businesses.
Answering the question of ADUN Lingga, he said among the factors that make it difficult for young entrepreneurs to develop businesses include weakness in business planning and financial management, lack of experience as well as difficulties in obtaining financing and market access.
The still limited use of digital technology and marketing, in addition to failing to adapt businesses to changing market demands, also impacts entrepreneurs' competitiveness.
Commenting on youth participation in the agriculture and livestock sector, Ripin said the perception that the sector requires heavy physical work, high start-up capital and long periods of return are among the factors affecting their interests.
The constraints on land acquisition, basic facilities, technology, technical knowledge and market access, as well as the risks of climate change, livestock diseases and product price fluctuations, are also challenges for these groups.
However, he said the agriculture and farming sector has great potential to be modernised and commercially operated through the use of technology as well as support for appropriate training, financing and marketing. -TVS
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