Youth business funding campaign progresses

YOUNG entrepreneurs have been encouraged to apply for funding at their nearest National Youth Development Agency (NYDA) offices as part of the ‘1000 Businesses in a 100 Days’ campaign.

The campaign was announced by President Cyril Ramaphosa during the State of the Nation Address (SONA).

‘All NYDA branches together with our

District Offices have been working hard to ensure that all processes are followed and that young people are being assisted with their grant applications.

‘The NYDA has already processed more than 100 applications,’ the agency said in a statement.

Local entrepreneurs can visit the NYDA offices in Empangeni to submit applications for the grant fund.

‘We commend the President for a deliberate effort to prioritise the inclusion of young people in the mainstream economy.

‘Through providing much needed support for small, medium and micro-sized enterprises (SMMEs), lowering the cost of data and giving young females a platform (known as SheTradesZA) to participate in global value chains and markets, youth economic inclusion is well under way,’ said Executive Chairperson of the NYDA, Sifiso Mtsweni.

Mtsweni also welcomed the five priority actions over the next five years to address youth unemployment.

Recent figures by the Statistics South Africa (StatsSA) Quarter Labour Force Survey (Q4) 2019 have indicated that the unemployment rate has remained unchanged, with approximately 8.2 million (40.1%) of

South Africa’s 20.2 million young people aged 15 to 34, not in employment, education or training.