• The Microcredit Financing Scheme is a financing scheme with Bank Islam Brunei Darussalam (BIBD) with a maximum facility amount of up to BND15,000 with no collateral required and a repayment period of up to 36 months.

• DARe and BIBD will jointly assess the viability and sustainability of an applicants’ business plan and provide recommendations to the SME Financing Committee.

• Upon approval from the SME Financing Committee, the successful applicant must go through relevant Industry Business Academy (IBA) modules, including the training on Cendana by BAG Networks, which is a modular and integrated management suite which aims to streamline business activities and processes for SMEs. This is to ensure that the company is capable in generating comprehensive progress reports, which includes their financials for monitoring purposes. Alternatively, the company has to show commitment in adopting a similar system to manage record of their business activities. 

• Successful applicants may be provided with subsidised office or co-working space at iCentre and potentially be enrolled to DARe’s Startup Bootcamp, a 100 days accelerator programme.

• For declined applications, DARe will continue to work with them to improve their business plan through IBA and encourage them to re-submit their applications.

• Eligibility criterias:

o Founders/owners/applicants are citizens of Brunei Darussalam

o Businesses registered under the Business Act and operating in Brunei Darussalam

o 100% local shareholding

o Business is classified under category of Micro Small and Medium Enterprise (MSME) with less than 100 employees

o No adverse track record with any financial ​institutions/suppliers/creditors. However, still subjected to review on a case to case basis

o Ability to provide up to date management accounts/financial statements on a quarterly basis or upon request

• Submission of applications will be directly via Bank Islam Brunei Darussalam