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YOUTH FUND DEFAULTERS TO FACE LITIGATION

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MBABANE – It’s either you pay up or face legal action.  This is the strong message that has been communicated to the 49 beneficiaries who will share E2.8 million issued as loans by the Youth Enterprise Revolving Fund (YERF).

The businesses which benefitted from the fund were anticipated to create about 120 job opportunities.


 YERF Chief Executive Officer (CEO) Bhekizwe Maziya, has explained that they would capacitate the youth through provision of training and support services to ensure that the repayment rate would be at a high level against all odds. Maziya pointed out that they had made strong considerations for viability of all businesses whose loans were approved in order to ensure that the businesses would be able to pay back what would be due.


“We are mandated by law to seek legal recourse should the need arise. However, this route for collection will be used as a last resort when all other methods of collection have hit a snag,” explained Maziya during the press conference where beneficiaries of the revolving fund were announced at the RHUS Office Park yesterday.


Minister of Sports, Culture and Youth Affairs Harries Bulunga congratulated the successful applicants and wished them well in their business endeavours. He called upon all youth entrepreneurs to strive for growth in the business world with a view to have a positive impact in the overall economy of Eswatini.


grants


“These are loans not grants. I would like to call upon all beneficiaries to repay whatever they have been given in order for more budding entrepreneurs to benefit from the fund,” said Bulunga.


Principal Secretary (PS) in the Ministry of Sports, Culture and Youth Affairs Prince Mlayeto, said revival of the fund was a huge relief especially among the youth who desire to achieve their business dreams but lack either capital or resources to expand their existing businesses.


“We are happy to be announcing the first batch of loans after revival of the fund which came about as a result of His Majesty King Mswati III’s vision,” said the prince.
Chairperson of the YERF Board of Directors Siboniso Mdluli, announced that the next round of applications would be open to the youth starting from April 1, 2018.


“Going forward, we hope to partner with the private sector to increase the amount of loans on offer for the youth,” said Mdluli.  
Most of the applications which have been given the green light were in the services category where 18 businesses will receive funding.

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