ENABLE-TAAT partners with banks to provide business credit to trained African youth
ENABLE-TAAT is supporting its beneficiaries by linking them to financial institutions that can help start-ups and existing businesses.
Youth often have a challenge accessing funding and raising capital for their businesses, whether as loans or grants. Many youth begin their enterprises with their savings and support from their families or acquaintances, but such funds may not sufficiently cater to their business plans. In other cases, the youth may form a cluster and combine their financial strengths to build the enterprise.
ENABLE-TAAT has established a relationship with Equity Bank to support growing enterprises of trained youth. The bank is committed to this effort and has highlighted its requirements, which are not difficult for new enterprises to meet. In Tanzania, the bank agreed to receive and review the business plan for the youth group that received training on poultry farming in November 2020 to begin the loan application process. The group has its guarantors, while ENABLE-TAAT provides backstopping so that the youth can use the funds effectively.