The National Youth Development Agency (NYDA) has launched the Youth Micro Enterprises Relief Fund (YMERF) aimed at assisting youth-owned enterprises, which might not qualify for other funds.
“This fund will respond to challenges facing youth-owned businesses, such as the inability to pay employees, lack of income and waiting periods for other funding mechanisms.
“Funding will be capped at R10 000 for every qualifying business. More details about the NYDA Youth Micro Enterprise Relief Fund are available on www.nyda.gov.za and on all NYDA social media platforms,” the agency said on Monday.
Government has introduced several interventions aimed at assisting businesses during the COVID-19 lockdown period, including the Debt Relief Fund and the SMME Support Intervention by the Department of Small Business Development.
NYDA chair Sifiso Mtsweni has called on all stakeholders to work together during this period and for youth to make use of the fund.
“The efforts by government to this end are indeed commendable, and require all stakeholders in youth development to cooperate and mitigate against the negative economic impact resulting from the COVID-19 pandemic,” said Mtsweni.