Fidelity Bank Ghana, the nation’s largest privately-owned financial institution, has reaffirmed its dedication to driving financial development and improvement via the launch of Phase Two of the Fidelity Young Entrepreneurs’Initiative (FYEI).
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This transformative program goals to supply each monetary and non-financial help to empower youth-centric companies, contributing considerably to the longer term financial panorama of Ghana.
In its preliminary section, the initiative focused vibrant and visionary younger entrepreneurs aged 18-40, prioritizing feminine entrepreneurs and start-ups. With a fund measurement of GHS 10 million, FYEI I disbursed GHS 3.9 million to 32 debtors, delivering impactful outcomes.
The common mortgage measurement of GHS200,000 and a median time period of 24 months underscored the effectiveness of the initiative. From inception until date, a complete of 32 Businesses have benefited from the fund and we hope to develop this quantity over the following couple of years.
Building on the success of its first section, Fidelity Bank introduces enhanced phrases and situations, amplifying help for younger entrepreneurs each monetary and non-financial for younger entrepreneurs.
The monetary pricing stays aggressive at 10% every year and a processing payment of 0.5%. Start-up funding is now accessible for companies operational for at the least one 12 months, whereas the qualifying age for ladies extends to 45 years.
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The initiative broadens its scope to incorporate sectors akin to manufacturing, agriculture, expertise, inventive arts, water, sanitation and hygiene (WASH), renewable vitality, and recycling.
Recognizing the multifaceted wants of younger entrepreneurs, the undertaking has enhanced the non-financial facets with no extra price. This contains entry to mentorship from seasoned entrepreneurs, authorized and regulatory help, and the incorporation of sustainability as a service, which underscores Fidelity Bank’s dedication to nurturing sustainable companies.
The undertaking can be poised to create entry to market alternatives for all the companies via strategically curated market occasions twice a 12 months.
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The initiative additionally pioneers ESG coaching and capability constructing, paving the way in which for companies to develop sturdy environmental and social administration programs and pursue certifications and licenses.
The objective is to help at the least 200 companies whereas creating jobs which is able to result in financial development
“After a successful Fidelity Young Entrepreneurs Fund phase one, we are delighted to launch the next phase of it, which is a testament to our vision of empowering young entrepreneurs and businesses as the catalysts for social and economic development in Ghana,” mentioned Nana Yaa Afriyie Ofori-Koree, Head of Partnerships, Sustainability, and CSR, Fidelity Bank.
She added, “We believe that by providing both financial and non-financial resources, we can help these businesses survive and thrive in the competitive and dynamic market. We also recognize the importance of sustainability and environmental and social responsibility, which is why we have incorporated these aspects into our initiative. We invite all young entrepreneurs who share our passion and values to join us in this journey of creating positive impact and transforming the future of Ghana.”
Fidelity Bank invitations all eligible younger entrepreneurs to grab the chance by submitting their functions at https://fyei.fidelitybank.com.gh/
For all different enquiries contact the next numbers 0531012935/0596039614 or through e mail at [email protected]. The utility window opens nowuntil December 31, 2023.
Fidelity Bank’s dedication to supporting younger entrepreneurs is a testomony to its perception within the transformative energy of youth-led companies. The FYEI, with its expanded scope and enhanced help measures, is strategically positioned to play a major position in shaping Ghana’s future financial panorama, empowering the following technology of entrepreneurs to drive innovation, create employment, and contribute to the nation’s sustainable improvement.
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