The Youth Empowerment Project (YEP) of the EU Emergency Trust Fund for Africa joined forces with the National Association of Co-Operative Credit Unions of The Gambia (NACCUG) to boost financing support for young grassroot entrepreneurs. The Mini-Grant Scheme was launched at the opening ceremony of the 12th NAYCONF in Basse on 16 December 2017, URR by the Secretary General and Head of Civil Service, Honourable Dawda Fadera on behalf of His Excellency, Adama Barrow, President of the Republic of The Gambia.
“YEP has already trained close to 1000 youths, supported 200 young entrepreneurs and is working with more than 20 Implementing Partners” said YEP Project Manager Raimund Moser. “The Mini-Grant Scheme will complement the training efforts which much needed financial support to young entrepreneurs to get their businesses off the ground” he added. Baboucarr Jeng, General Manager of NACCUG, the institution responsible for managing the scheme, explained that the total financial volume available is a USD250,000 equivalent to approximately GMD 12 million. It will provide for minimum 250 mini-grants to youths. Jeng added “what matters most is not the amount of money disbursed, but the impact we create for the youths”.
The scheme will provide funds for Gambian young entrepreneurs with a solid business plan. In order to foster entrepreneurship, the Mini-Grant Scheme will facilitate acquisition of equipment, materials, licenses and other business critical inputs and assets for start-ups or small scale businesses.
From 2 January 2018 onwards, NACCUG will receive applications of interested youth and select grantees based on their proposed business plans. Besides the grant, which is up to GMD 47,000, grantees will receive coaching and financial literacy training to improve their capacity to save, exercise financial planning and separate their private funds from the funds of the business. They will also participate in annual experience sharing events to communicate results, success stories and best practices of the mini-grant scheme.
The mini-grant scheme aims at complementing other components of the YEP project to create an enabling environment for young entrepreneurs and small businesses.
NACCUG, the apex body for all credit unions in The Gambia, was formed in 1991. It aims at promoting and supporting the development of viable Credit Unions through sound and market-based business strategies. It works to develop and make available the best financial and non-financial services to its members at reasonable cost and to fight poverty as a model financial co-operative.
More information on the YEP Website
- Publication date
- 26 December 2017
- Region and Country
- The Gambia
- Greater economic and employment opportunities
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