Business Partners Launches R150 Million Fund to Help SMEs Create Youth Jobs
Business Partners Launches R150 Million Fund to Help SMEs Create Youth Jobs. Business Partners Limited has launched a R150 million SME Youth Jobs Fund aimed at helping established small and medium enterprises (SMEs) create new employment opportunities for young South Africans.
The fund has been introduced as youth unemployment remains a major socio-economic challenge in South Africa. According to the latest Quarterly Labour Force Survey cited by Business Partners, approximately 4.8 million young South Africans are unemployed, while four in 10 are not in employment, education or training.
The SME Youth Jobs Fund is designed to help businesses cover labour-related costs linked to employing new staff members between the ages of 18 and 35.
Business Partners managing director Jeremy Lang said the fund is expected to support approximately 220 SMEs and facilitate the creation of nearly 1,000 new jobs.
The fund is available to existing Business Partners clients as well as the wider SME community. Qualifying businesses must have at least two years of trading history, be viable and solvent when applying, and demonstrate a clear plan for creating new jobs.
Successful applicants can receive between R250,000 and R2 million to cover eligible labour-related costs for a maximum period of two years.
The funding also includes an initial six-month interest-only repayment period. Business Partners said funding is typically provided at an interest rate of Prime less 2%, with final pricing determined according to the circumstances and risk profile of each application.
According to Lang, the initiative is intended to reduce the financial barriers SMEs can face when expanding their workforce, while supporting businesses that are positioned for growth.
The fund is also expected to broaden access to finance among different types of SMEs, including women-owned businesses, while supporting business sustainability and economic participation.
Applications for the SME Youth Jobs Fund are now open. Eligible businesses will be assessed against the fund’s qualifying criteria before funding decisions are made.
Business Partners said the initiative aims to support sustainable job creation by helping established SMEs manage the labour costs associated with employing young South Africans.
