The NYDA Grant Programme is designed to provide young entrepreneurs with an opportunity to access both financial and non- financial business development support in order to enable them to establish or grow their businesses.
The NYDA was established by an Act of parliament, Act no 54 of 2008.
The agency derives its mandate from legislative frameworks such as the NYDA Act (54 of 2008), the National Youth Policy (2009-2014) and the draft Integrated Youth Development Strategy as adopted by the Youth Convention of 2006.
To receive the funding, these are their requirements:
- The applicant must be a South African resident aged between 18-35 years.
- They should also have a viable business idea that can make profits.
- They are required to possess the skills and experience or potential skills for the business they are pitching.
- They should be enrolled in the Business Management training course or have proof of having undergone the training course.
- The membership should consist of 100% South African youth citizens.
- The enterprise should operate in South Africa.
- Previous microloan clients who received less than R50,000 will need to have paid up accounts to be eligible to receive a grant.
- One or more members should be full-time employees. It is advisable that the applicant is among the full-time employees.
- The agency will assign successful grantees a mentor if they do not already have one that is approved by them.
- If the application is approved, the applicant may be required to resign from their full-time employment. Proof of resignation might be necessary as well.