Friday 2018-12-14

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YOUTH FUND OPENS LOAN APPLICATION PROCESS

By Majaha Nkonyane | 2018-08-10

THE Youth Enterprise Revolving Fund has opened their loan application process for aspiring young entrepreneurs in the country.

The application deadline is September 4.

The Fund is open to youth aged between 18 and 35.  The application process will run for a month and applications will be done on a quarterly basis.

Applicants will be able to access forms on the fund’s website which will also be made available in all Tinkhundla centres.

In an interview, Youth Fund Manager Bhekizwe Maziya said they were happy to be announcing the application process as it was their mandate to support youth entrepreneurship in the country.

Maziya  said they were keen to ensure that young people were fully supported, hence had put in place support and follow-up structures.

The youth has been cautioned on the application process as there are requirements that need to be followed when applying for funds.

Applicants were further advised on necessary attachments which need to be included as outlined in the last page of the application form.

In the event an applicant is successful, they will go through business training, sign a loan agreement, open a bank account for the business, be assigned a mentor before the disbursement of funds.

This time around, young people should expect no miracle cash bonanzas in their accounts as all loans will be directly paid to suppliers.

Funding limits of up to E50 000 have been set for sole trader businesses.

Companies have a funding limit of E100 000 and for cooperatives, the limit is E150 000.

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