The cooperation agreement signed by IDC, SEFA and NYDA will result in a coordinated approach to provide funding and support services to youth owned businesses. IDC set aside R1-billion from its Gro-e Scheme to fund businesses owned by young entrepreneurs.
The three institutions will use their capacity to broaden the youth beneficiary base. By committing to the cooperation agreement the three institutions will promote youth entrepreneurship.
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; SEFA allocated another R1.7-billion targeting youth-owned businesses over the next five years.
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