Ministry of Youth, National Service, Sports, Culture grants loans to 28 businesses owned by youth

GOBABIS: The Ministry of Youth, National Service, Sports and Culture on Friday granted loans to 28 businesses owned by the youth in the Omaheke Region.

While some of these businesses are entirely new establishments, a vast number has been in existence for years.

The Ministry disbursed a total amount of N$66 000 to the businesses, which were granted loans ranging between N$2 000 and N$ 20 000 on a revolving-credit basis.

These loans are repayable over a period of up to three years, depending on the amount taken, while a grace period of one month is granted after receiving the loan before repayments begin.

The area of operations of the businesses which benefited from ranges from hair salon and car wash businesses to take-aways, food stalls and shoe repairs’ outfits.

Maria Ekongo from the Ministry’s Youth Credit Guarantee Scheme urged the beneficiaries to make use of the funds allocated to them for the intended purposes, as such funds will be closely monitored.

“You are the lucky ones from almost 150 people who applied to be granted such loans.

Therefore, you must prove to be an example to others to follow behind you by utilising this money for the purpose it is intended for, and keeping proper records of your spending as you will have to account for it in the end”, she stated.

The Ministry has to date disbursed N$ 601 500 in loans to youth projects in the Omaheke Region since the inception of the scheme in 2011.

The loans are granted to unemployed people between the ages of 18 and 35, who have feasible business ideas which can be transformed into operational businesses.