A total of seven small and medium enterprises (SMEs) are slated to receive subsidies from the Sands China’s entrepreneurship program for the revitalization project at Rua das Estalagens.
The project received 128 applications, with 120 meeting the eligibility requirements, covering categories such as dining, takeout, retail, cultural and creative industries, and performance.
Yesterday, the gaming operator disclosed the results of its Entrepreneurship Recruitment Program for Rua das Estalagens, part of the company’s ongoing Community Revitalisation Series.
The winning establishments are Café Fantart, Little Port, Olálá, Catfee Macau, Travessa Gelato, PanPan and Voyage Thai Kitchen.
The objective of the initiative is to financially support creative business ideas proposed by local residents who are keen on establishing enterprises on Rua das Estalagens, with the aim of
“rejuvenating the local economy and contributing to the revitalization of the street.”
Disbursed in four stages, the awarded subsidies are up to twice the enterprises’ initial capital investment, capped at MOP1 million in order to encourage sustainable development.
“Although this project is a first-of-its-kind and lacks precedent, and with Sands China, frankly, inexperienced in this area, we are truly thrilled and touched to receive enthusiastic support from all walks of life,” said Wilfred Wong, executive vice-chairman of Sands China Ltd.
The gaming operator will send information about the selected business plans to relevant government departments and public utility corporations, so as to provide them with the support and connections needed for opening and help them settle in the area as quickly as possible.
“We hope that this group of aspiring and creative local residents will use the energy and enthusiasm of youth to bring a new atmosphere to the neighbourhood,” Wong added.
Program applicants need a minimum of MOP300,000 in capital to commence the entrepreneurial journey.
Sands China announced the program in April this year, as the gaming operator pledged to revitalize the area as one of its commitments to government.
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