Youth have been challenged to develop the spirit of entrepreneurship and take advantage of support from different organisations to start small businesses instead of waiting for white collar jobs.
According to Daniel Gakwerere, the BDF Ruhango branch manager, enterprising young people can exploit opportunities offered by the fund to acquire capital to implement their business ideas. Gakwerere revealed that BDF would fund more than 300 youth this year up from 120 businesses in 2016.
“BDF Ruhanga branch spent Rwf60 million on loan guarantees for over 120 businesses of which many were SMEs last year, but we are targeting 300 SMEs in 2017,” he said.
Startup capital and loan guarantees are some of the main challenges faced by small and medium enterprises (SMEs) daily. However, the fund offers loan guarantees for sound business ideas that have the capacity to expand and create jobs for others.
“We have been targeting youth to enable secure loans from financial institutions,” Gakwerere said during awareness drive for SMEs in Ruhango.
What beneficiaries say
Charlotte Uwamahoro, one of the beneficiaries of BDF Ruhango, said the fund helped her implement her business idea.
Uwamahoro, who studied electronics at VTC Ruhango, secured Rwf500,000 loan guarantee to buy equipment to kick-start her small business, an electronics repair workshop.
Djuma Gasangwa, another beneficiary said he acquired a loan of Rwf2 million from Imboniyamajyambere Sacco in Ruhango District to start a goat rearing project.
“I started with 50 goats, but there are now 120 goats. I have been able to support my family and create jobs for youth in the locality,” Gasangwa said on Thursday.