South African-based agency the National Youth Development Agency (NYDA) has provided funding to many youth-owned businesses. The agency has also given business support and training to many young people in South Africa. If you have been struggling with getting funding from the NYDA, it’s time to get familiar with the funding requirements to better your chances.
The NYDA is a funding agency that was established to address the challenges faced by the youth. It also works towards helping young people be contributors to the economy and create employment opportunities.
If you have been looking for funding through the NYDA, you need to understand every detail of the funding requirements. This will ensure your application is not only accepted but that you also get to grow your business and help others in turn.
In this article, we look at the NYDA funding requirements and how you can improve your application for approval.
NYDA Funding Programmes
Before we take a look at the funding requirements, let’s look at what kind of programmes are available at the NYDA.
NYDA Grant programme – The grant programme is aimed at helping young entrepreneurs with access to financial and non-financial business development tools.
NYDA Voucher programme – Through the voucher programme, NYDA awards vouchers to youth entrepreneurs. These are to be used to purchase business support services from NYDA-approved service providers.
NYDA Thusano Fund – This fund is designed to provide funding to small-scale businesses that need funds for necessities.
As mentioned before, the NYDA also has a range of programmes designed to help youth with learning and gaining skills. These include:
- Business management training.
- Market linkages.
- Mentorship opportunities.
- The Solomon Kalushi Mahlangu Scholarship Fund.
- National Youth Service programme.
These programmes showcase the overall mission of the NYDA. With the funding programmes, there are certain requirements you are expected to meet before you consider sending in your application.
NYDA Funding Requirements
NYDA Grant Programme Requirements
The funding requirements for the NYDA grant programme are as follows:
- You must be under the age of 35 at the time of your application.
- You must have the necessary skills needed for your business.
- You must be involved in the day-to-day operation and management of the business.
- One or more members of the business must be full-time employees, especially the main applicant.
- Funding is provided to individual entrepreneurs, individual business owners and members of cooperatives. Your business must fall under one of these categories.
- Your business must not have an annual turnover exceeding R750 000.
- If your business is a cooperative, the annual turnover must not go above R1 million.
Note: An individual or business will not receive a grant amount over R200 000 except for cooperatives. Agriculture and tech-related projects receive a maximum grant of R250 000.
To find out how to apply for the NYDA grant programme, read our Guide to NYDA Funding.
NYDA Voucher Programme Requirements
The NYDA voucher programme is designed to offer business support to young entrepreneurs. To qualify for the programme, you need to meet the following requirements:
- You must be between the ages of 18 and 35.
- You must be a South African citizen or permanent resident.
- Along with your application, you must submit certified ID copies of the members.
- You must submit a copy of your business registration.
- Application details are also available in our Guide to NYDA Fuding.
NYDA Thusano Fund Requirements
To apply for the Thusano fund as a student, you must meet the following requirements:
- Submit an application that specifies why you need the funding.
- Provide an academic record that is not older than 3 months or an acceptance letter.
- Certified copies of your and your parents/guardians IDs.
- Proof of income for guardian/parent (for academic purposes).
- An affidavit that states if your parent/guardian is a pensioner or has no source of income.
- Invoice or quotation from the institution of choice.
For NGOs who want to apply for the Thusano fund, you must meet the following requirements:
- Application form stating the financial need.
- The constitution of the organisation.
- Certified ID copy no older than 3 months.
- Your organisation must be registered on the Central Supplier Database.
- A comprehensive proposal with financials.
- Tax exemption compliance.
- NPO/NGO registration documents/certificate.
To apply online for the Thusano fund, you can visit their website, or download the form and fill it in manually.
These are just the funding programmes that are available through the NYDA. There are other programmes that provide mentorship and business support. You can find out more about these other programmes, their requirements and how to apply for them.
Don’t wait too long, visit the NYDA website and get the right funding for you today!
