Africa-Press – Eswatini. Young people who have been funded by Youth Enterprise Revolving Fund (YERF) are making the country proud with their success stories.
This was discovered by Minister of Sports, Culture and Youth Affairs, Harries Bulunga during a tour of projects that the youth have engaged in with funding assistance from YERF.
The tour started at a project in Mbabane called Agri World, which is an animal feed and a general agricultural supplies hardware operated by Bonkhe Mbhamali.
Mbhamali obtained E100 000 from the fund. Since he started his operation, he has now been able to employ twopeople and is also in the process of repaying the loan. Minister Bulunga encouraged Mbhamali to continue contributing to the business sector.
The tour then proceeded to KaLamgabhi in the Manzini region, where he met Nelisiwe Phakathi, who runs Tinashe Investment and operates a successful piggery.
Phakathi said: “I made a request for E82 000 from the YERF and was granted that amount. The funding from YERF has helped me greatly and I have even been able to buy a car from the proceeds of the business.”
She stated that one of the problems that she had in the beginning was trying to access the fund because of the requirements of cash flow projections and business plans. These requirements are especially cumbersome to those living in the rural areas because they cannot get the assistance that they need to process all the requisite documents.
“The paperwork is usually more complicated for young school leavers to complete,” she said. Minister Bulunga appreciated the feedback from the Fund beneficiary and promised to get the information back to the YERF in order to consider how best the Fund can make adaptations and ensure that the YERF benefits young people in the best possible way. Phakathi went on to explain how she too has started employing people.
“I have one person employed on a full time basis and I hire up to three others whenever I have to slaughter. I am also managing to repay my loan with instalments of E11 000 per month.”
The minister applauded this and encouraged her to workshop other young people on how to be successful at establishing a business using the YERF funding model.
The tour then proceeded to the Manzini Central Business District on Mancishane Street where the minister was welcomed by Bongani Manyatsi who operates a pharmacy called ‘The Garden Pharmacy’.
Manyatsi explained that he was offered E100 000 by YERF in 2020 after doing courses on how the business was going to be conducted.
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He said: “Right now I am able to employ up to five people and I see great opportunity for growth in the future. My dream is to have a mobile clinic which will enable me to get to patients where medication is not accessible. “My work ethic is what separates me from my competitors.
This pharmacy opens up at 06h30 each day and closes at 19h00. There will always be challenges but a positive attitude is what assists one to overcome obstacles.” The minister’s tour climaxed with the opening of the new YERF offices in Manzini at premises of the old district commissioners office.
Making his remarks following the opening of the new YERF offices, Minister Bulunga said: “I applaud Eswatini’s youth for stepping up and pursuing the road to success by engaging in businesses that are thriving. As government we encourage young people to engage in agri-business.
“I was particularly pleased to see Nelisiwe Phakathi succeeding at her piggery and also Bongani Manyatsi, who is operating a successful pharmacy while employing others at the same time.
“YERF has created more than 1 000 businesses since its inception in 2009, with a disbursement of more than E26 million. We need more people to apply for funding so that more businesses can be established,” he said.
“Applications are now accepted throughout the year. The youth are, therefore, encouraged to come forward and take the opportunity to develop competitive businesses and those that have been given the funding are urged to repay the loan that they have been have received.”
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