SMALL BUSINESS FUNDS: 2024 exciting opportunities

SMALL BUSINESS FUNDS The National Youth Development Agency (NYDA) is a government agency established in South Africa in 1996 with the primary responsibility of coordinating and implementing youth development programmes and initiatives.

SMALL BUSINESS FUNDS The establishment of the agency was in response to the high levels of youth unemployment and poverty in the country, which had become a significant concern for the government. NYDA’s core mandate is derived from various legislative frameworks, including the National Youth Development Agency Act, 2008 (Act 54 of 2008), the National Development Plan 2030, the National Youth Policy 2030, and the draft Integrated Youth Development Strategy (IYDS).

These frameworks provide a basis for the agency’s operations and guide its activities towards achieving the desired outcomes. The NYDA collaborates with a range of stakeholders, including government departments, businesses, civil society organizations, and young people themselves. The partnership with these stakeholders is crucial to the success of its programmes and initiatives, as it ensures that the agency’s efforts are aligned with the needs and aspirations of young people.

One of the agency’s critical functions is to provide financial and non-financial support to youth-led businesses and start-ups. The NYDA offers various funding programmes that aim to assist young entrepreneurs in accessing capital to start or grow their businesses. The agency also provides mentorship, training, and coaching to help young entrepreneurs develop the skills and knowledge needed to run successful businesses.

small business funds In addition to its entrepreneurship support programmes, the NYDA also offers various other youth development initiatives. These include education and skills development programmes, sports and recreation programmes, health and wellness programmes, and community development programmes. These initiatives aim to enhance the social and economic well-being of young people in South Africa. The NYDA has been successful in its efforts to address the challenges facing young people in the country.

small business funds Its impact can be seen in the significant reduction in youth unemployment and poverty rates over the years. The agency’s commitment to youth development is unwavering, and it continues to work towards creating a brighter future for young people in South Africa. The importance of youth development cannot be overstated, and it is imperative that it becomes an integral part of the services provided by all line departments.

This means that organizational and individual performance agreements should include youth development as a clear area of focus, and all barriers to success should be removed. Our role, as a facilitator of youth development, is multi-faceted and includes providing planning and decision-making information for projects, coordinating key engagements, and facilitating monitoring, evaluation, and reporting requirements. small business funds

small business funds It is important to note that the IYDS should be understood within the context of the policy and legislative frameworks that have been developed in the country concerning youth. These frameworks have been informed by the IYDS process of development, which has been characterized by research, synthesis, engagement, consultation, and collaboration. In order to ensure that youth development is a priority, we have established certain criteria for funding.

Individuals or enterprises requiring funding less than R1000 or more than R200,000 (for agriculture and technology-related projects, the maximum funding value is R250,000) are eligible to apply. However, there are certain exceptions to this rule. For example, applications made by current NYDA staff members, Board Committee Members, or Members of the Accounting Authority will not be considered. Similarly, businesses or shareholders of businesses that received NYDA SME loan funding, or those that had their loans written off by NYDA, will not be eligible for funding.

Additionally, businesses with an annual turnover exceeding R750,000 will not be considered for funding. In conclusion, youth development is a crucial component of our society, and it is our responsibility to ensure that it is given the attention and resources it deserves. By making it a priority, we can help to create a better future for our youth and for generations to come. The National Youth Development Agency (NYDA) is committed to supporting the development of young entrepreneurs and small businesses in South Africa.

To this end, the NYDA offers a range of funding opportunities, including grants for cooperatives. Cooperatives are a valuable form of enterprise for young people, as they allow for shared ownership and decision-making, as well as the pooling of resources and skills. However, in order to qualify for NYDA funding, cooperatives must meet certain criteria. One of these criteria is that the annual turnover of the cooperative must not exceed R1000,000.00.

This ensures that the funding is directed towards smaller, emerging cooperatives that are in need of support. Furthermore, individuals and businesses are subject to certain limitations on the amount of funding they can receive from the NYDA. Specifically, no individual or business shall receive a cumulative grant amount above R200,000 from the NYDA during their lifetime. However, there are exceptions to this rule for cooperatives.

For agriculture and technology-related projects, the maximum cumulative value of funding is increased to R250,000.00. This recognizes the unique challenges and opportunities facing these types of cooperatives, and the importance of supporting their growth and development.

In conclusion, the NYDA is committed to supporting the development of young entrepreneurs and small businesses in South Africa, including cooperatives. By providing funding opportunities and support, the NYDA is helping to create a more vibrant and inclusive economy, and empowering young people to realize their full potential. APPLY HERE