BY SIBUSISEKILE NDLANGAMANDLA

MANZINI – Seventy young entrepreneurs across Eswatini have received a combined E3 million in business loans this year as the Youth Enterprise Revolving Fund (YERF) steps up efforts to turn promising ideas into sustainable businesses and income-generating ventures.

The funding is providing young emaSwati with much-needed financial backing to establish new businesses, strengthen existing enterprises and create opportunities for long-term economic participation.

YERF Corporate Services Manager Banele Nhlengethwa said the E3 million had been distributed through 70 loans, reflecting an improvement in the number of young people benefiting from the Fund compared with the previous year.

Speaking during an interview on the Kusile Breakfast Show, Nhlengethwa said the Fund was encouraged by the progress being made in extending financial support to aspiring and existing young entrepreneurs.

One particularly encouraging development, he said, was the growing interest among young people in agriculture-related businesses.

Agriculture remains one of the sectors with significant opportunities for young entrepreneurs, particularly as the country continues to promote greater local production, food security and sustainable economic activity.

Nhlengethwa said young people were increasingly exploring opportunities in the sector alongside other areas of business.

However, he stressed that accessing funding required more than simply having a business idea.

Young entrepreneurs, he said, should think carefully about the businesses they want to establish and develop ideas that are innovative, viable and capable of surviving beyond their initial stages.

He encouraged applicants to come up with concepts that distinguish them from existing businesses and respond to identifiable opportunities in the market.

YERF assesses applications using several factors before approving financing, including the viability of the proposed business, its potential for growth and long-term sustainability, as well as the applicant’s creditworthiness.

For sole traders, the Fund provides loans of up to E50 000.

Funding is available across different business categories and can be accessed by both start-ups and existing enterprises seeking financial support to expand their operations.

Another positive sign for the revolving Fund is that beneficiaries have started paying back the money they borrowed.

According to Nhlengethwa, 17 per cent of the money initially provided to beneficiaries has already been repaid.

The repayments are particularly important because YERF operates as a revolving fund. Money returned by existing beneficiaries can ultimately be used to support other young entrepreneurs, allowing the programme to continue reaching more young people with business ambitions.

But the support does not end when a loan is approved.

YERF beneficiaries are also assigned qualified mentors who guide them as they establish, manage and grow their businesses.

The mentorship programme gives entrepreneurs access to professional advice as they navigate everyday business decisions, challenges and opportunities.

This combination of financing and mentorship is intended to improve the chances of youth-owned businesses surviving, becoming sustainable and eventually growing into stronger enterprises.

Nhlengethwa emphasised that applicants should therefore give serious thought to the ideas they submit for financing.

A business should not only appear attractive on paper, but should have realistic prospects of generating income, expanding and remaining sustainable over time.

He said unique and well-considered ideas could give young entrepreneurs a better opportunity to establish businesses that stand out in the market and create room for future growth.

With E3 million already placed in the hands of 70 young entrepreneurs this year, YERF’s latest disbursements represent more than access to capital. They provide young emaSwati with an opportunity to transform ideas into businesses, strengthen their livelihoods and contribute to the country’s broader economic development.

The growing interest in agriculture also points to an encouraging shift towards sectors where young people can combine innovation with production and build enterprises capable of supporting themselves and their communities.

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(Courtesy Pic)