Access to funding for youth has been given a major boost with the commitment by First National Bank (FNB) of R240-million to the Progress Fund in a joint undertaking with the Umsobomvu Youth Fund (UYF) enterprise fund. Together with a commitment of R80-million from UYF, the total size of the Fund is now R320-million. This unique fund forms part of UYF’s Entrepreneurial Programme, an initiative aimed at addressing unemployment and increasing the number of entrepreneurs amongst young South Africans.
UYF CEO, Malose Kekana, says the Progress Fund is a good example of a successful public private partnership between UYF and FNB, directed at UYF’s target market; 18 to 35-year-old South Africans from previously disadvantaged backgrounds, who want to set up small- and medium-sized enterprises (SMEs).
