In a significant move to support emerging young entrepreneurs, KwaZulu-Natal Premier Thamsanqa Ntuli has announced the opening of applications for a R100 million Youth Empowerment Fund. The eagerly awaited fund is set to open its application window on August 15, 2024, marking a pivotal moment for youth-led businesses across the province.
During his budget vote for the Premier’s Office on Tuesday, Ntuli reaffirmed his commitment to this crucial initiative, which was initially promised during the Youth In Business Summit held at the Durban Exhibition Centre in July. This fund aims to provide essential financial support to young business owners, helping them navigate the challenges of running and growing their enterprises.
The announcement has been met with widespread enthusiasm from young entrepreneurs who are eager to benefit from the fund.
Premier Ntuli, who assumed office in June, highlighted the significance of the Youth Empowerment Fund in his budget presentation. He emphasized that the fund represents a dedicated effort to support young entrepreneurs and foster economic development in KwaZulu-Natal. “On August 15, 2024, we will officially open the window for the R100 million Youth Empowerment Fund. This is an opportunity for young business owners and aspiring entrepreneurs to access vital funding,” Ntuli stated.
In addition to the Youth Empowerment Fund, Ntuli announced the forthcoming launch of the KwaZulu-Natal Women’s Advancement Fund, set to debut on August 30, 2024. This new initiative, developed in partnership with the private sector, aims to promote gender equality and enhance women’s economic participation and leadership in the region.
The unveiling of the R100 million Youth Empowerment Fund and the upcoming Women’s Advancement Fund reflects the provincial government’s ongoing commitment to addressing key social and economic issues. With a total budget of R784.153 million allocated for 2024/2025, the Premier’s Office is poised to make a substantial impact on youth and gender empowerment in KwaZulu-Natal.
As the application period for the Youth Empowerment Fund approaches, young entrepreneurs across the province are preparing to seize this opportunity to secure the financial support they need to drive their business ventures forward. The fund represents not just a financial boost but a significant step towards nurturing the next generation of leaders and innovators in KwaZulu-Natal.
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