YOUTHS STAGE MANAGE BUSINESSES FOR LOANS- GOV’T

By; Ben Musanje

Government has disclosed that most of the youths who borrow money, stage manage businesses.

Addressing the media at media center in Kampala, the Managing Director for Centenary Bank Fabian Kasi, a partner in the government Youth Venture Capital Fund (YVCF) says that most challenge faced from the borrowers, some of them present fake businesses while applying for government loan schemes.

According to the Ministry of Gender, Labour and Social Development, in 2014 over 85bnshs were disbursed to over 144,200 youths under the Youth Livelihood Program across the country.

However, the Ministry of Gender, Labour and Social Development Permanent Secretary Pius Bigirimana announces that over 32bnshs has been allocated to the Ministry by government together with Centenary Bank for youths aged between 18-30 years of sound mind with guarantees under the YVCF.

He emphasizes that those eligible will have had a business that has existed for at least in the three months and will also possess an authentic National Identity Card issued by National Identification Registration Authority (NIRA) and an account from the Centenary Bank.

Other requirements include a valid trading license or formally recognized legal business entities registered by the Uganda Registration Service Bureau (URSB) among others thus urging youths to apply for youth loan scheme.