As part of its initiative to provide management and financial support for young entrepreneurs, the Small Enterprise Finance Agency (Sefa) hosted a youth entrepreneur’s event in Soweto last month to address challenges faced by the youth in their businesses.
Held in partnership with the Small Enterprise Development Agency (Seda), the National Youth Development Agency (NYDA) and the Department of Small Business Development (DSBD), the event attracted more than 100 established and aspiring entrepreneurs who were keen to know how government plans to support them.
During the event, Sefa CEO Thakhani Makhuvha presented Sefa products that are available to funding applicants and guided them on how the agency seeks to prioritise youth businesses as part of its agenda to create jobs and trigger economic development.
“There is money in abundance at Sefa which is available to support your businesses. This applies to businesses that already exist and those that are planning to start their businesses,” he said.
Makhuvha added that Sefa was ready to assist the youth with their businesses, as the agency understands the struggle small businesses have in accessing finance through commercial banks.
In the 2013/14 financial year, Sefa injected R1.5-million to youth-owned enterprises. This figure is expected to increase once the new figures for the year that just ended are released.
“About 30% of Sefa’s funds are dedicated to youth businesses. This is made clear through the youth fund that was launched in 2013 with the NYDA and the Industrial Development Corporation, which funds entrepreneurs under the age of 35,” he pointed out.
The NYDA and Seda joined Sefa in emphasising the importance of the youth becoming part of the initiative to be drivers of economic growth through starting small businesses that will assist in creating jobs.
Also, the DSBD addressed the audience on the plans that the department has set in place to ensure that all agencies work together to create a one-stop shop that will assist small businesses.