MTN, YOUTH FUND TO ASSIST MSMES GROW

EZULWINI – One of the challenges faced by local entrepreneurs is sustaining their businesses as over 80 per cent start-up businesses fail to operate beyond a period of five years.

This has forced organisations and institutions to focus more on assisting micro small and medium enterprises (MSMEs) sustain their businesses, MTN Eswatini and the (YERF), among others. MTN Foundation, in collaboration with YERF have invited the youth owned MSMEs in the country that wish to grow their businesses to apply for funding under the MTN Youth Fund Khula Natsi project for a short-term loan.  “We have availed funds to support youth between the ages of 18-35 years. The YERF is the implementing partner in the project. This opportunity is available strictly to businesses that are already operational,” mentions the joint statement. The two organisations mentioned that this product was targeting existing businesses that required funds for expansion or growth. “The name ‘MTN Youth Fund Khula Natsi’ implies that the businesses will grow under the partnership of the MTN Foundation and YERF,” they added. The organasations mentioned that the business loans shall be payable over a maximum period of 24 months.

The application period process requires the candidates to obtain the physical application form from Youth Fund offices, tinkhundla centres, Small Enterprises Development Company (SEDCO), Junior Achievement (JA) and Eswatini Youth Council offices. They said they can also download a copy of an application form from YERF website: https://www.yef.co.sz/mtn­yerf-khula-natsi/. The general application requirements: Certified copies of ID. Certified copy of certificate of incorporate (companies). Certified copy of form J (companies). Certified copy of Memorandum & Articles of Association (companies) and; Land right (Chief’s Letter, Title deed, Lease Agreement).

Intent

They also mentioned that the business plan with cashflow projections of three years was compulsory as well as the Market Contracts/Letters of intent and Market Analysis documents. The organisation further requested applicants to furnish their trading licences with three quotations of each input or service and proof of availability of technical expertise. “Bank statements and business financial records are compulsory and for physical forms, please attach the documents above and send them to your respective tinkhundla centres, youth fund offices, SEDCO or Eswatini Youth Council,” mentions the statement. They added that applications would open from October 1 to 31, 2022.

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