Article republished here with permission from Cape Town Activa. The National Youth Development Agency (NYDA) will no longer offer loans to young entrepreneurs, but instead would provide grant finance combined with business development support, chairman Yershen Pillay said on Monday in Soweto.
He said the youth body was reinventing itself and there would be a shift from loan provision to a more comprehensive and integrated grant programme for young entrepreneurs.
The board outlined its 2013 youth month programme at Hector Pieterson Square in Soweto. He explained that the grant programme would start from R1,000 to a maximum of R100,000 for any individual or youth co-operative. The announcement follows the NYDA’s presentation of its vision in Parliament recently, which included a plan to tap into a R1bn facility from the IDC and a R1.7bn facility from the Small Enterprise Finance Agency, which were made available to boost young entrepreneurs.
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