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Fund established to assist youth-owned businesses affected by looting

Youth-owned enterprises affected by the recent looting and violence have until Friday to submit applications for a fund to assist them during these challenging times.

The National Youth Development Agency (NYDA) has established the Youth Enterprise Rebuilding Fund to assist youth-owned enterprises affected by recent looting and violence, and have no form of insurance cover.

In a statement, the NYDA said the fund, which is reserved for youth owned businesses in Gauteng and KwaZulu-Natal, is specifically established to ensure that youth owned enterprises who are affected can return to their business operations, as soon as is practically possible.

“The fund will exist alongside other forms of government support to business and jobs in these challenging times. Details of the fund are available on the NYDA website

“The NYDA encourages all young people who may have been displaced from employment because of the recent violence to apply for support from the Unemployment Insurance Fund. Details can be found on or through a Department of Employment and Labour Centre,” the agency said.

The applications for the fund close on 30 July 2021.

The NYDA has also welcomed the implementation of the monthly Social Relief of Distress Grant and its extension to caregivers, as well as the extension of the UIF Temporary Employer/Employee Relief Scheme (TERS) for sectors affected during Alert Level 4.

The agency noted that these are important mechanisms in supporting young people and the economy during the pandemic.

“The NYDA remains committed to supporting the Economic Recovery and Reconstruction Plan, which encompasses the Presidential Youth Employment Intervention, which was announced in SONA (State of the Nation Address) 2020 and reaffirmed on Youth Day 2021. Addressing the youth unemployment crisis remains front and centre of the economic recovery plan,” the agency said. –

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