NYDA extends R10K relief funding to youth-owned enterprises

The Democratic Alliance (DA) has welcomed the initiative by the National Youth Development Agency (NYDA) to extend relief funding to youth-owned enterprises through its Youth Micro Enterprises Relief Fund (YMERF).

It has encouraged all youth-owned businesses to apply for the funding which will be capped at R10,000 for every qualifying business.

“This fund could be significant in assisting young businesses owners who will likely face financial difficulty during this Covid-19 lockdown period.

“These funds could go a long way in assisting youth-owned businesses in paying employees as businesses do not have the income and in some instances have had to wait for protracted periods for other funding mechanisms to pay out,” the party said in a statement.

It further voiced concern over some aspects of the application form relating to the racial and gender information of employees.

“While the criteria for YMERF funding does not make mention of any demographic requirements, the application form requires demographic breakdowns.

“The DA will, therefore, write to the NYDA to request clarity on the selection criteria to ensure all young applicants are given an equal opportunity to access this much-needed funding. We hope that this relief fund will be open to all races, sexes or businesses in all areas. We call on NYDA to confirm that there will be no racial criteria for determining eligibility for government-funded relief for youth-owned businesses affected by Covid-19.”

The DA commended the NYDA for extending such a fund, saying it could play “a significant role” in alleviating some of the pressures caused by coronavirus.

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