13 March 2019

The Youth Enterprise Revolving Fund (YERF) has announced 49 young EmaSwati as the first recipients of business start up loans.

This announcement was made by YERF CEO Bhekizwe Maziya during a press conference held at the company's headquarters earlier today which was also attended by the Honourable Minister of Sports, Culture and Youth Affairs Harries Bulunga.

According to Maziya, the 49 loans total up to about E2.8 million covering different sectors of business, including retail, manufacturing and construction. It was also announced that this first batch would create at least 120 new employments. A total of 269 applications were received during the call for applications which opened in August 2018 and closed in September of the same year.

Making his remarks, the Honourable Minister congratulated the youth recipients.

"We urge today’s successful young people to work together with both the YERF and IDCE as they begin this journey. It is government’s sincere desire to see all these projects succeed and this is why YERF will be constantly monitoring all these businesses. We also remind our young people that these are loans and thus they have to be paid back to ensure that many other future generations of EmaSwati benefit from the fund," Bulunga said.

YERF Board Chairperson Siboniso Mdluli further announced that they would start welcoming second batch applications from the 1st of April 2019.

 

Regional breakdown of approved loans:

Manzini: 22

Hhohho: 12

Shiselweni: 8

Lubombo: 7

Breakdown by sector:

Services: 18

Agribusiness: 14

Retail: 5

Manufacturing: 8

Construction: 4

Breakdown by entity:

Sole Trader: 26

Company: 22

Cooperative: 1

Breakdown by gender:

Females: 17

Males: 33