StanWealth creation fund
Features and benefits
· Youth empowerment
· Employment creation
· Entrepreneurial skills development
· Poverty reduction
· Social development
The fund seeks to help boost productivity in the following sectors:
· And any other which can be proved to be viable
The entities such as partnerships, sole traders, individuals, private companies formally registered under Companies Act, private business corporations, supplier finance for SMEs linked to corporates, debtor discounting through promissory notes, tenders supporting SMEs, mining finance, agriculture out-grower schemes and small scale exporters.
Who can apply
· The Directors and shareholders must be Zimbabwean Youths aged between 21 and 35 years
· Business owners must be involved in the business operations and management of the company on full time basis.
· The projects must be bankable financially and economically viable
· The business should not employ more than 50 permanent employees
· The business must not be part of a large enterprise i.e. not a subsidiary of a large corporation
· Must meet all banking and legal requirements
· Preferably businesses that have contracts with corporates
· The beneficiary must have an operating account with Stanbic Bank
· The facility is to be used for working capital or capital expenditure
· The minimum loan amount is US$5000.00 and the maximum will be US$20000.00.(The bank may vary the amount at its own discretion)
· Interest rate of 14% per annum will be charged
· Tenor: Maximum 12 months for working capital
· Maximum 36 months for capital expenditure (The bank will ensure that the tenure of the loan is consistent with the nature of the project as some projects may require shorter repayment periods)
· Grace period will be considered depending on the nature of the project
· Where tangible security is not available, borrowers will be required to provide acceptable Guarantors that will be vetted by the Bank.
The fund will exclude the following;
· Refinancing of existing debt
· Defaulters with Stanbic or other Institutions (checks will be made with other banks and respective clearing bureaus)
· Acquisition of real estate, shares, companies/ businesses
How to apply
· Forms are available in all Stanbic Branches and where Stanbic is not represented, collect forms from your Ministry of Youth District Office.
· All Harare applicants are to submit their applications at Stanbic Bank, Westgate branch only. Those outside Harare, submit at your nearest Stanbic Bank branch or Ministry of Youth District office.
· All application forms should be accompanied by a comprehensive business plan
· The outcome of each application will be communicated to the applicant
For more information; those in Harare please call in at Stanbic Bank Westgate branch and those outside Harare visit your nearest Stanbic Bank branch or call 04 332301/5
The Miniistry of Youth Development, Indigenisation and Empowerment (MYDIE) has the mandate of economically empowering the youth and facilitating their participation in the mainstream economy. It is against this background that the Ministry has partnered with Old Mutual Zimbabwe Limited and CABS to create opportunities for youth empowerment thereby ensuring their active participation in the mainstream economy thereby combating the youth unemployment scourge. The Kurera /Ukondla Youth Fund is meant to achieve the following: