KUALA LUMPUR: A RM10mil Social Impact Match (SIM) grant has been launched to elevate social enterprise recovery, says Science, Technology and Innovation Minister Khairy Jamaluddin.
He said Friday (Sept 4) that this grant aims to provide financial sustainability to assist social enterprises and businesses, and accelerate their recovery during the Covid-19 pandemic.
The SIM grant, to be managed by the Malaysian Global Innovation and Creativity Centre (Magic), was initially the Social Enterprise Elevation (SEE) under the government’s Short-Term Economic Recovery Plan (PENJANA), said Khairy.
“Social innovation does not focus solely on the usage of technology itself, but the foundation is the social impact it generates.
"We want solutions which will result in social mobility, inclusivity and long-term sustainability that will raise the living standards of the sidelined and high-risk communities, as well as solutions to preserve and care for the environment.
"This is why SIM prioritises applications which will provide innovative solutions that will impact five fields - community livelihood; food security; health and social wellbeing, environmental protection; and heritage preservation, ” said Khairy.
He launched the grant at an event organised by Magic at Pusat Sains Negara on Friday.
He pointed out that the SIM grant is timely as many of them employ people from marginalised or B40 communities, which have been severely affected by the Covid-19 pandemic.
The SIM Grant will be deployed via a 1:1 matching mechanism, and made available to eligible applicants with successful crowdfunding initiatives.
It provides a minimum of RM5,000, up to a maximum of RM500,000 matching grant per application.
The SIM Grant Joint Approval Committee will assess the applicant’s feasibility, effectiveness and intended outcome, and review due diligence findings towards making a decision.
Applicants will undergo a three-step qualifying process, and can expect to receive disbursements within a period of two months from submission, if all documents are in order.
Grant proposals will need to detail the effective and feasible use of proceeds, as executed by a capable management team.
The SIM Grant application is open for a period of 12 months from today or upon full disbursement of the RM10mil, whichever comes first.