The Youth Enterprise Development Fund (YEDF) on Wednesday announced plans to disburse Ksh225 million in the next financial year beginning July 1.
In its report, YEDF noted the money would be disbursed in the form of loans to promote development among the youth who form a majority of the country's population.
Out of the Ksh225 million allocation by the national treasury for the 2024/2025 fiscal year, Ksh100 million will go into loaning youths while Ksh125 million into recurrent expenditure.
"The Ministry of Youth Affairs and Sports is successfully implementing the youth agenda towards improved livelihoods and economic sustainability," YEDF noted in a statement.
YEDF stated that for the past three years, it had disbursed loans totalling Ksh1.4 billion and provided business support services to over 380,000 youth.
Meanwhile, the Fund projects to recover Ksh635 million from outstanding loans and generate an additional Ksh62.5 million through appropriations in aid.
"YEDF has further developed a resource mobilization and partnerships strategy to unlock additional resources from external sources," the youth fund organisation announced.
"Upon full implementation of Enterprise Resource Planning, youth will apply for loans online and therefore improve loan turnaround time and annual disbursements," the statement added.
How to access the Youth Enterprise Development Fund
To access the Youth Enterprise Development Fund which is geared towards empowering the youth in the country, an applicant must meet the set threshold.
Requirements for application of Youth Fund
For easy access to the loan, an individual should be part of a group and the group must have a valid registration certificate from the relevant government body.
Group membership must not be less than 5 and with a membership of at least 70% youth (18-34 years).
The group must have a bank account where the money will be deposited.
The group must unanimously agree to apply for the loan and fill loan application form.
Group members must sign a guarantee or undertaking to repay the loan.
How to Apply for the Youth Fund Loan
One needs to visit their respective sub-county youth offices as a group or individually.
Pick and fill out the youth fund application form depending on the type of loan required.
You can also download the loan application forms from the Youth Fund website.
Return the filled forms to the office and wait for a response from the loan officer.
The loan officer will guide the following steps, conduct the vetting, and give necessary financial advice.
After vetting and receiving the funds, you will be trained and guided on making your payments on time.
