Windhoek — The National Youth Council (NYC) of Namibia has expanded its Credit For Youth in Business (CYB) programme to the regions of Omusati and Kunene.
For the past four years, the programme only operated in eight of the country's 13 regions. The CYB is a loan guarantee programme, implemented in partnership with Bank Windhoek. It provides 90 percent collateral to young entrepreneurs to access loans from the commercial banks at an affordable interest rate, says Calista Schwartz, the Head of Employment Creation Desk at the NYC. She made the announcement at a press conference last Friday.
Beneficiaries of the CYB are mentored and trained on business management. Schwartz says successful entrepreneurs, namely those who have graduated into the mainstream banking sector; who have employed people; whose profit margins has increased and those who have not defaulted are awarded cash prizes annually. "The CYB attempts to make a humble contribution in equipping the youths of Namibia to access resourceful assets that allows them to contribute meaningfully to the sustainable growth and development of the Namibian economy," Schwartz explains.
Further, youths development initiatives should be financially supported by development agencies. The CYB team is currently in the Omusati Region to assist applicants. The team will be there until 28 February. The team will visit the Kunene Region from 11 March to 16 March, Schwartz informs.