Sarawak backs youth startups with RM28 mln in grants, soft loans

1 hour ago 7

ADVERTISE HERE

WhatsApp Image 2026-06-21 at 11.58.15 AM

By Shikin Louis

KUCHING, June 21: The Sarawak government is strengthening its commitment to youth entrepreneurship with RM28 million in funding support—a RM3 million annual startup grant and a RM25 million soft loan facility—aimed at helping young entrepreneurs scale their businesses.

Sarawak Minister for Youth, Sports and Entrepreneur Development Dato Sri Abdul Karim Rahman Hamzah said the Sarawak Youth Startup Grant, amounting to RM3 million annually, has been approved through the Ministry of Youth, Sports and Entrepreneur Development (MYSED) to serve as a catalyst for high-potential startup companies.

“The startup grants should be looked upon as funds for us to slowly raise our company,” he said during the closing ceremony and prize presentation of the Sarawak Youth Business Idea Competition (SaYBIC) 2025/2026 at the Sarawak Sports Village (SSV) in Petra Jaya today.

Sharing his own entrepreneurial journey, Abdul Karim recalled how he refinanced his mother’s Proton Saga in the early 1990s to secure RM40,000 in capital to establish his legal practice.

“That was how I started my legal firm, with only two staff members. By 1996 or 1997, I already had my own shoplot and was renting out office space to other companies,” he said.

He said the experience taught him that determination and resilience are crucial in business, urging young entrepreneurs to view government assistance as a stepping stone rather than a guarantee of success.

“When you have the right mindset and failure is not in your vocabulary, whatever you do, you will eventually succeed. That is the spirit I would like to see in every undergraduate who aspires to become an entrepreneur,” he added.

Apart from the startup grant, Abdul Karim announced a RM25 million soft loan facility through a collaboration between the Sarawak government and Affin Bank to support youth startups ready to move to the next stage of development.

“The Sarawak government will put RM25 million with Affin Bank to support youth startups that are ready to develop. This is not a grant but a soft loan that needs to be paid back,” he said.

He explained that many startups struggle to secure financing because banks typically require collateral such as land or other assets.

“But these are new companies. If the government gives support, they will be able to get the loan,” he added.

He also said that MYSED and its implementing agencies would continue supporting aspiring entrepreneurs through various courses, assistance schemes and startup grants, including the SYStartUp training programme, as well as financing opportunities through MINTRED, TEKUN, INSKEN, SME Corp and digital incubation platforms.

Meanwhile, he described SaYBIC as an important platform for nurturing entrepreneurial talent, innovation and leadership among youths.

The competition, now in its second edition after the success of the inaugural 2024 edition, attracted participation from five higher learning institutions—Universiti Teknologi MARA (UiTM), Universiti Malaysia Sarawak (UNIMAS), Universiti Teknologi Sarawak (UTS), Politeknik Metro Betong and Kolej Vokasional Matang.

Out of all entries received, 12 finalists were selected to present their business ideas and business models before a panel of judges.

Also present were Deputy Minister for Youth, Sports and Entrepreneur Development II (Entrepreneur Development) Datuk Dr Ripin Lamat; MYSED permanent secretary Dzulkornain Masron; MYSED deputy permanent secretary Nancy Jolhi; UiTM Sarawak Rector Prof Dr Firdaus Abdullah; Sarawak Sports Corporation (SSC) chief executive officer-cum-Sarawak Sports Council (MSNS) director Mu’azamir Jili; and UiTM Sarawak senior lecturer at the Business Management Faculty, Dr Malvern Abdullah.

For the record, Aiman Abdul Samat, who led SkyGuard from Universiti Malaysia Sarawak (UNIMAS) to become the inaugural SaYBIC champion in 2024, was also present at the event. — DayakDaily

Read Entire Article