Mako Jerera
Youth Empower Bank, a micro-banking unit supporting youth initiative launched the Youth Business Starter Pack (YBSP) today.
The launch was held virtually due to Covid-19 restrictions.
The starter pack is designed to assist young entrepreneurs quickly get started in business.
Acting Chief Executive of Youth Empower Bank Mr Shadreck Mhembere encouraged youths, especially the rural youths to apply for loans because they are the most affected.
He added that the loans are distributed in Zimbabwean dollars.
The YBSP consists of turnkey financial assistance which helps start a business and start reaping rewards.
Empower Bank was created by the Government in 2018 to specifically support different youth initiatives in order to achieve economic empowerment and financial inclusion.
The bank mobilises youths through financial literacy and project proposal training so that they present bankable business proposals in order to access funding.
The Youth Business Starter Pack offers options in agriculture, mining, tourism, arts and sports and SME projects which are value addition chain uptakes.
Minister of Youth, Sport, Arts and Recreation, Kirsty Coventry urged youths to come together in order to help achieve the national goal.
“The Ministry will not only help with loans but will also help with the skill set needed,” Minister Coventry said.
Also, the YBSP offers technical support such as providing tools to start the business, identify markets for produce, access to professional expertise, access to value chain uptakes and projects monitoring
This year, Empower Bank has set a target of disbursing loans worth about $260 million to youths countrywide by the end of the year.
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