NDB hails success of concept in identifying young entrepreneurs

 NATIONAL Development Bank Investments Ltd says its Young Enterprise Scheme programme has been successful in identifying young entrepreneurs in the country.

Chief executive officer Des Yaninen said more than 50 young people who had been identified through the scheme have proven to be viable in their businesses with training provided by the bank.

Yaninen said the young applicants, who were selected have been given a 24-week business operation phase to qualify for funding of the investment they had made through their business. “NDB has helped these young people open bank accounts for their business and we have assisted with registering their businesses with Investment Promotion Authority.

“In the 24 weeks, they are expected to have a budget for their business and they would have to provide us reports in bookkeeping and on how their business operations are going.

“They have a weekly target on how much profit they should be making.

“The profit they make will be banked to their business bank accounts.” Yaninen said at the end of the 24-week training the participants would be taken into another training which would qualify them to get a funding that was 10 times the amount they invested in their businesses.

“For those who have invested K5000 will get a funding of K50,000 and for those who invested K4000 get funding of K40,000.”