Of the 86 qualified hopefuls applying for a direct subsidy or loan from the Cultural Industries Fund to support their business, most will receive the money by mid-June, the head of the Fund’s administrative committee, Leong Heng Teng, told reporters on Saturday. Over 14 of these 86 approved applications have cancelled their application for the direct subsidy or loan plan as they found the financial support offered is too little, Mr. Leong noted. Following the first launch of the application to the Fund last year, a total of 321 applications were received, of which only about 27 per cent or 86 cases were approved by the Fund’s administrative committee and board of trustees.
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