Multi-million rand boost for youth enterprises
They were selected from 2 246 proposals submitted by young entrepreneurs across the province
THIRTEEN youth-owned businesses in the King Cetshwayo, Zululand and uMkhanyakude districts were among more than 50 beneficiaries of a R71-million funding injection from the KZN Youth Business Development Fund.
They were selected from 2 246 proposals submitted by young entrepreneurs across the province.
‘Of these, 448 were shortlisted for due diligence and 55 were ultimately awarded grants,’ said KZN Premier, Sihle Zikalala, at the awarding ceremony in Pietermaritzburg last week.
Zikalala launched the youth fund earlier this year to provide support to young entrepreneurs who do not qualify for bank loans because they do not having a credit history and collateral.
He said the funding will be used to purchase equipment and instruments that will enable entrepreneurs to run their enterprises more productively.
‘In the first phase, the fund will support a variety of economic sectors in all our district municipalities.
‘The sectors include agriculture, manufacturing, mining, construction, transport and logistics, catering, tourism, hospitality, recycling, the creative arts, communications and entertainment.
‘We are, however, concerned that there has been no applications focusing on the ocean economy and very few on technological development,’ the premier said.
Zikalala called on the youth to explore and be innovative in order to diversify their economic participation to all sectors.
‘We wish to see many more proposals that will take advantage of our unique location as a coastal province.’
He further encouraged applicants who were not successful this time to not give up.
‘Some of the youth businesses that did not succeed, while showing potential, will be placed in a business development programme wherein gaps and shortcomings identified will be addressed and hopefully they will benefit in future,’ Zikalala said.
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