BANK WINDHOEK AND NATIONAL YOUTH COUNCIL (NYC) PARTNER TO SUPPORT YOUTH IN BUSINESS

September 17, 2014, 2:38pm

BANK WINDHOEK AND NATIONAL YOUTH COUNCIL (NYC) PARTNER TO SUPPORT YOUTH IN BUSINESS

Bank Windhoek has extended its assistance to the National Youth Council (NYC) to provide business expansion loans to youth in business.  Bank Windhoek and the NYC  embarked upon a strategic partnership that allows Small and Medium Enterprises (SMEs) owned by youth between the age of 18 and 35 years old, to acquire capital for business expansion.

The partnership allows these SMEs to acquire loans between N$1 000 and N$ 6 000 repayable over a period of 24 months from Bank Windhoek. The NYC guarantees 60% of loan amount, whilst the borrower contributes 10% collateral in the form of an up front deposit.

This programme is currently available to youth in all regions of Namibia.

Bank Windhoek has a longstanding partnership with the NYC through its Credit for Youth in Business (CYB) programme, which was launched in November 2008. The CYB is a loan guarantee programme which aims to support youth-owned businesses without adequate collateral, to access affordable financing and mentoring support.

The Branch Manager of Bank Windhoek’s ESME Branch, Mbo Luvindao said: “Bank Windhoek is cognisant of the fact that unemployment among the Namibian youth is high, hence our strong and continued support for youth empowerment initiatives with the National Youth Council. Bank Windhoek also encourages the youth, through the Bank Windhoek BizzKids Competition to venture into business and take calculated business risk from a young age and come up with business ideas to create jobs and reduce the employment levels amongst the youth.”

“Bank Windhoek has been a major role player in the development of the SME sector and our specialised ESME Branch has been financing small and medium enterprises since its establishment in 2000. The vision of Bank Windhoek’s ESME branch is to see an increasing number of SMEs grow into sustainable businesses”, concluded Mbo.

For more information on the programme, contact the National Youth Council at Tel: (061) 248 322 or email info@youthcouncil-namibia.org. The following persons can also be contacted: Jacky (081 1404 482) and Michael (081 1404 481). , .

SMS enquiries can be forwarded to Cell: 081 553 1249.