During the reporting period, the IDC approved R61 million to support businesses with more than 50% youth-owned shares.
An additional R44 million was approved for four businesses with youth shareholding of between 25% and 50%.
Non-financial business support services can also be accessed in the form of vouchers for branding, marketing, website development and more. If you are interested in applying for the grant programme and are in need of grant of not less than R1000 and NOT MORE than R100 000, you must: be eighteen (18) years at the time of application be between the ages 18-35 years with necessary skills, experience or; with the potential skill appropriate for the enterprise that they conduct or intend to conduct be a South African Citizen and living within the borders of SA Your business must also operate within the borders of South Africa Are involved in the day-to-day operation and management of the business Members of entities should comprise 100% South African youth citizen Your business must operate either informally or formally; generally recognised as micro enterprises (e.g.
street traders, vendors, emerging enterprises) Have a profit motive and are commercially viable and sustainable Individual entity must have bank account and or a young person must be assisted to open an account; and For cooperatives you must have or be willing to form a group of minimum 5 persons.
The IDC reinforced its Accord commitment with a R1 billion contribution from the R10 billion Gro-E Scheme, created to support youth-owned businesses.
A tripartite agreement with the Ny DA and sefa during the past year also facilitates access for youth-owned businesses to IDC and sefa finance to establish or expand their businesses and Ny DA grants to develop bankable business plans.
In April 2014, the IDC was a signatory to the Youth Employment Accord with other stakeholders.
The aim is to improve skills development among young people.
Upon approval of grant, if you are employed full time, you may be required to resign from employment and provide grant officer with proof of resignation What amount does my business qualify for?
There are three thresholds in which the NYDA classifies a business.