Relief for youth owned businesses
Government has introduced a number of interventions aimed at assisting businesses in general, and Youth-Owned Enterprises in particular during the COVID-19 lockdown period. These interventions include the Debt Relief Fund and the SMME Support Intervention by the Department of Small Business Development.
The National Youth Development Agency (NYDA) has opened the Youth Micro Enterprises Relief Fund (YMERF) aimed at assisting youth enterprises who might not qualify for other funds. This fund will respond to challenges facing youth owned businesses such as inability to pay employees, lack of income, including waiting periods for other funding mechanisms , etc.
Funding will be capped at R 10 000 for every qualifying business. More details about the NYDA Youth Micro Enterprise Relief Fund are available onhttp://www.nyda.gov.za/Latest-News/NYDA-Youth-Micro-Enterprise-Relief-Fundand on all NYDA social media platforms.
Executive Chairperson of the NYDA, Mr Sifiso Mtsweni has called on all stakeholders to work together during this period, and for youth to take advantage of the fund.
“The efforts by government to this end are indeed commendable, and require all stakeholders in youth development to cooperate and mitigate against negative economic impact resulting from the COVID-19 pandemic “ said Mtsweni