Bank Windhoek has extended its assistance to the National Youth Council (NYC) to provide business expansion loans to youth in business. The partnership will allow Small and Medium Enterprises (SMEs) owned by youth, between the ages of 18 and 35 years old, to acquire capital for business expansion.
The partnership will allow 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 upfront deposit.
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.
“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.” The Branch Manager of Bank Windhoek’s ESME Branch, Mbo Luvindao said
The programme is currently available to youth in all regions of Namibia.