IDC, SEFA and NYDA sign agreement

IDC, SEFA and NYDA sign agreement

With the Youth Employment Accord in mind, the government is backing initiatives aimed at growing and capacitating young entrepreneurs.

qhenaIn terms of the Youth Employment Accord signed in April 2013, government committed to supporting initiatives aimed at growing and capacitating young entrepreneurs. Subsequent to the accord, the IDC set aside R1-billion from its Gro-e Scheme to fund businesses owned by young entrepreneurs. So it could provide easier access to finance, the IDC has now signed a cooperation agreement with the Small Enterprise Finance Agency (sefa) and the National Youth Development Agency (NYDA) youth-owned businesses easier access to finance.

“This cooperation agreement that the IDC has signed with SEFA and the NYDA will result in a coordinated approach to providing funding and support services to youth owned businesses,” said IDC CEO Geoffrey Qhena adding that the three institutions will use their capacity to broaden the youth beneficiary base. By committing to the cooperation agreement Qhena added that the three institutions had thrown their weight to promoting youth entrepreneurship.

“By prioritising youth economic development we are stepping up the fight against youth unemployment. We want youth-owned businesses to benefit from this partnership through development funding, coaching and mentoring which IDC, SEFA and NYDA will provide,” Qhena addsed.

Acting NYDA CEO, Ayanda Makaula said he was confident that this partnership would serve as a launch pad to initiatives that will further facilitate the growth and development of young entrepreneurs. “The NYDA will serve as a conduit for the screening and recommendation of young entrepreneurs so they can access finance offered by the IDC and sefa,” said Makaula Commenting on the partnership, Sefa CEO Thakani Makhuva said Sefa has allocated R1.7-billion targeting youth-owned businesses over the next five years.


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