Youth-led projects to benefit from Empower Bank loan scheme

YOUTH-LED start-up projects are set to benefit from a $120 million financial loan support scheme from Empower Bank.

The recently launched Youth Business Starter Pack (YBSP) will be focused on the country’s key economic sectors such as agriculture, mining, tourism, arts and culture and Small to Medium Enterprises (SMEs).

In order to cater for all the youth needs, the bank said the facility will be rolled out across all the provinces and districts in the country.

In her keynote address at the launch of the YBSP loans held virtually on Monday, Youth, Sport, Arts and Recreation Minister Kirsty Coventry commended Empower Bank for initiating such a programme.

She said this clearly demonstrates the bank’s commitment to be a partner in youth empowerment, development and financial inclusion of all corners.

“The YBSP is a loan product designed by Empower Bank as a business financing model for turnkey business prototypes to assist young entrepreneurs quickly get started in business or expand their business operations.

“It consists of both a technical proposal and financial proposal which should be followed by youths interested in trying their hand in business. Projects under the YBSP are scalable to align them to available financial resources and the heterogeneous needs of the entrepreneurs,” said Minister Coventry.

Empower Bank was established as a microbanking unit by the Government in 2018 to specifically support different youth initiatives in order to revive the economy.

“I am happy that the youth business starter pack loans are designed to address the topical challenges faced by youth such as high interest rates and short loan periods,” she said. — @ mthabisi_mthire