On the left, individuals queue for job opportunities in Nairobi, while on the right, an individual counts Kenyan currency. Image file
In Summary:
- The Youth Enterprise Development Fund (YEDF) is set to disburse Ksh225 million in the next financial year, with Ksh100 million allocated for youth loans.
- YEDF outlines requirements and steps for accessing the funds, aimed at empowering youth in Kenya.
The Youth Enterprise Development Fund (YEDF) has unveiled plans to distribute Ksh225 million in the upcoming financial year, commencing on July 1.
Out of this allocation, Ksh100 million has been earmarked specifically for disbursing loans to youth, in a bid to foster development among this demographic, which constitutes a significant portion of the country’s population.
According to a statement from YEDF, the Ministry of Youth Affairs and Sports has been instrumental in driving initiatives geared towards enhancing the livelihoods and economic sustainability of young people.
Over the past three years, YEDF has disbursed loans totaling Ksh1.4 billion and offered business support services to more than 380,000 youth.
As part of its strategy, the Fund anticipates recovering Ksh635 million from outstanding loans and generating an additional Ksh62.5 million through appropriations in aid.
Moreover, YEDF aims to leverage partnerships and resource mobilization efforts to access additional funding from external sources.
The youth fund organization announced, “YEDF has further developed a resource mobilization and partnerships strategy to unlock additional resources from external sources.”
Furthermore, the statement emphasized, “Upon full implementation of Enterprise Resource Planning, youth will apply for loans online and therefore improve loan turnaround time and annual disbursements.”
In an effort to streamline the loan application process, YEDF is implementing an Enterprise Resource Planning system, enabling youth to apply for loans online. This is expected to improve loan turnaround time and annual disbursements.
For those seeking to access the Youth Enterprise Development Fund, certain requirements must be met.
- Applicants are encouraged to form groups with valid registration certificates from relevant government bodies.
- These groups should consist of at least five members, with a majority aged between 18 and 34 years.
- Additionally, a bank account in the group’s name is necessary for fund disbursement.
To apply for the loan, individuals or groups can visit their respective sub-county youth offices.
Application forms can also be downloaded from the Youth Fund website. Once submitted, loan officers will guide applicants through the vetting process and provide financial advice. Successful applicants will receive training on repayment obligations, ensuring timely payments.
By providing clear guidelines and access procedures, YEDF aims to empower youth entrepreneurs and contribute to their economic empowerment and prosperity.