Durban - KwaZulu-Natal Premier Sihle Zikalala on Thursday awarded 55 youth entrepreneurs with funding to the value of R71 million under the province’s Youth Business Development Fund.
The Premier’s Office said that the Youth Business Development Fund had received a total of 2246 applications for funding. This amount was whittled down to 448. The 448 individuals were then shortlisted and ultimately, 55 received funding.
We look at five key elements of the grants handed over to 55 young entrepreneurs from KZN in Pietermaritzburg on Wednesday.
1. None of the R71,4 million will go directly to any of the recipients accounts. Instead, the money will go to equipment and instruments that will enable them to run their enterprises better and more productively.
2. Zikalala said the applicants who had not succeeded despite showing potential would be placed in a business development programme, where their shortcomings would be identified and addressed to ensure that they benefit in future.