Fund launched to support young, uninsured business owners hit by unrest

The National Youth Development Agency (NYDA) has launched a fund for youth-owned businesses affected by the recent unrest in KwaZulu-Natal and Gauteng.

Known as the "Youth Enterprise Rebuilding Fund", the initiative has been established to help youth-owned businesses become operational again. It is reserved for businesses in Gauteng and KwaZulu-Natal.

Business owners must be between 18 and 34 years old, with no form of insurance cover.  

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The NYDA said the fund would work alongside other support mechanisms to mitigate the impact on businesses and jobs. It encouraged all young people who had suffered job losses due to the recent unrest to apply for support from the Unemployment Insurance Fund as well. 

The NYDA said it welcomed additional relief measures announced by President Cyril Ramaphosa in his address to the nation on Sunday, which included the the extension of the UIF Temporary Employer-Employee Relief Scheme for sectors affected during alert level 4. 

Applications for NYDA funding must be in by Friday and accompanied by several documents, including a certified copy of the applicant's ID, proof of business and residential address, business profile, proof of business registration, business bank account statements, photos of the damaged property, as well as an affidavit and police case number relating to the looting.