By EPN Reporter
MBABANE – The youth of Eswatini is encouraged to apply for business start-ups online.
The online application is made possible by the Youth Enterprise Revolving Fund (YERF), commonly known as the Youth Fund. This will allow the Eswatini youth to be able to apply for business start-ups, no matter where they are in the country, according to YERF Chief Executive Officer (CEO) Mandla Nkambule.
The only thing that the youth need to have is connectivity or access to the internet. That is the first step towards being able to apply online. The following step will be to go to the website, which is www.yef.co.sz and select a tab written ‘apply online’.
After that, you select the loan product, before filling in the required details. After that, you select the ‘next’ tab to upload the relevant document. The online application does not mean the youth cannot apply physically. The online application is simply meant for the youth who have access to the internet to apply in ways that are easy.
If they want to apply physically, they can still get an application form from their nearest constituency centre and follow the necessary instructions for the forms to be considered for the business start-up loans. After filling out the application forms, the youth should submit those forms to YERF offices in Mbabane or to their nearest constituency centre. The forms will be collected by YERF officials from where they have been deposited so that the next steps can be taken.
Loans under YERF can be given from E50 000 to E150 000 to the youth of Eswatini. The loan products from YERF can be categorized into four groups. They include standard loans, order finance, loan increase, and MTN-YERF Khula Natsi.
Under standard loans, a sole trader is loaned an amount of E50 000, registered companies are given E100 000, while registered cooperatives are borrowed an amount of E150 000. Under order finance, a sole trader is loaned an amount of E80 000, registered companies are given E150 000, while registered cooperatives are borrowed an amount of E200 000.
For sole traders, loans can be increased from E50 000 to E70 000 and for registered companies, loans can be increased from E100 000 to E150 000, while for registered cooperatives, loans can be increased from E150 000 to E200 000. Under the MTN-YERF Khula Natsi, the lending limit is E30 000, with the minimum being E5 000.
The loan repayment period is 12 months for seasonal loans, 24 months for short-term loans, and 36 months for medium-term loans. The general requirements for securing loans include a completed application form, business plan/cash flow projections, market confirmation/letter of intent, three quotations of each input, land right/lease agreement, trading licence, registration documents (for companies), and proof of technical expertise/CV.
No comments I understand everything said and looking forward to be helped because I also wishe one day to be a business owner