You have obviously heard about the youth funds that government has put up for youths, but have you attempted to access them? There are a number of funds, Youth venture capital fund, Youth to youth funding, and now the youth Livelihood fund.
The Youth Venture capital fund was the first large scale fund for youths to be accessed through commercial banks and though many critics said these funds were inaccessible to most youths, they are still available through Centenary Bank.
A youth walking into Mapeera house in search of the youth venture capital funds ends up on Mr. Elisha Lugoloobi’s desk. Inquiries about the funds reveal that if you want to access these funds, you need a running business. Other conditions to meet include:
- Must be aged 18-35 years
- 2 guarantors who act as security. They should also be clients of the bank.
- Funding is not for groups or Community Based Organisations [CBOs] but for registered companies. A company can have an individual or more.
- Hold an account with Centenary Bank.
- Possess a financial card which can be acquired through your Bank. This card contains information about where you have borrowed money and if you have paid back all that money.
- Repayment is 6 months to 2 years
You can access between 100,000/= to 5M as an individual and 500,000/= to 25M for companies.
Interest rate is at a fixed rate 10%.
Exhaust all your options as you access funding to Good luck to you,
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