Durban – Youth-led businesses are elated after IFP KwaZulu-Natal Premier Thamsanqa Ntuli followed up on his promise to create the R100 million much-needed Youth Empowerment Fund.
During his budget vote of the Premier’s Office on Tuesday, Ntuli announced that the applications to the fund will open on Thursday (August 15).
This is a lifeline to the youth-led businesses in desperate need of cash injections to aid businesses stay afloat.
Sibonelo Mkhize from Hammarsdale, west of Durban, told the Daily News that he was “ecstatic” and is “crossing his fingers” that his yet-to-be-made application is approved when the applications open.
“I attended the youth summit last month (July), and I did not believe that the implementation of the fund would be this soon. I am ecstatic and crossing my fingers that my application will be approved when the applications open on Thursday. I am sorting out my paperwork as we speak,” said Mkhize, who runs a tyre-fitting business in his neighbourhood.
During the youth summit in July, Thabo Ngcobo, 31, from Pinetown, told the ‘Daily News’: “I think it is important to have such programmes to empower the youth in business so that, in turn, we tackle the rising unemployment rate among young people.”
He runs a grass-cutting business in Pinetown.
Reacting to the opening of the applications on Thursday, “I am happy the application to the fund will be opened. This is the breakthrough I have been hoping for. I will be the first to apply to the fund.”
Ntuli – who became premier in June – vowed in July to create the fund during the Youth In Business Summit at the Durban Exhibition Centre in July.
“To this end, on the 15 August 2024, we will open the new window for the R100 million Youth Empowerment Fund. Young people who own businesses and aspire to establish their enterprises can apply for funding,” said Ntuli, delivering his budget vote on Tuesday.
He said details will be outlined on all government platforms and the media on how the applications should be made.
He added that on August 30, 2024, the provincial government would launch the KwaZulu-Natal Women’s Advancement Fund in partnership with the private sector.
“The main purpose of the fund will be to foster gender equality and provide robust support for women’s economic participation and leadership,” he said.
Ntuli delivered his office’s R 784,153m budget for 2024/2025.
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