Young entrepreneurs fund grants of nearly MOP110 mln as of June

The government’s Young Entrepreneurs Aid Scheme granted MOP109.7 million (US$877.6) to 457 local businesses established by young entrepreneurs as of June 30 this year, according to the director of Macau Economic Services Bureau (DSE), Sou Tim Peng. The DSE head indicated that the government had received 774 applications from local youths since the establishment of the scheme in August 2013 up to June 30, of which 550 applications had already been handled by the Bureau. Of these applicants, most were engaged in the retail, food & beverage and wholesales businesses, Mr. Sou said, noting the Bureau had also granted subsidies to 37 cultural and creative businesses, five businesses related to Traditional Chinese Medicine and three companies engaged in MICE events – new industries supported by the government. The average age of the applicants of the aid scheme was 29 years old, the DSE head said. A total of 24 companies shut down their businesses after receiving the financial aid from the government, accounting for 5.25 per cent of total beneficiaries. Mr. Sou perceives, however, that the average survival rate of these businesses benefiting from the aid scheme is ideal. On the other hand, the DSE director indicated that the Incubation Centre for Young Entrepreneurs had received 74 enquiries following its establishment on June 18. Most of these enquiries sought information on business matching, procedures for using the Centre, and whether the ‘Venture Valley’ in Hengqin will open for applications again. Meanwhile, the government received 14 applications for using temporary offices provided by the Centre. According to Mr. Sou, these applicants were engaged in businesses related to retail, wholesale, trade, as well as wedding planning, dating consultancy, and design, etc. K.L.