Accra, Dec. 9, GNA Fidelity Bank Ghana, the nation’s largest privately owned bank, has launched of Phase Two of the Fidelity Young Entrepreneurs’ Initiative (FYEI).
In a press release, copied to the Ghana News Agency, in Accra, the Bank said the launch demonstrated its dedication to driving economic growth and development.
The transformative programme aims to provide both financial and non-financial support to empower youth-centric businesses, contributing significantly to the future economic landscape of Ghana.
In the first phase, the statement said it supported young entrepreneurs, particularly female entrepreneurs, through an average loan with a longer repayment period from Fidelity Bank.
“This initiative targeted vibrant and visionary young entrepreneurs aged 18-40, prioritising female entrepreneurs and start-ups, it explained. “With a fund size of GHS 10 million, FYEl disbursed GHS 3.9 million to 32 borrowers, delivering impactful results.
“The average loan size of GHS 200,000 and an average term of 24 months underscored the effectiveness of the initiative. From inception till date, a total of 32 businesses had benefited from the fund, it said and expressed the hope to grow this number over the next couple of years.”
Nana Yaa Afriyie Ofori-Koree, Head of Partnerships, Sustainability, and Corporate Social Responsibility ( CSR) for Fidelity Bank, said after the success of Fidelity Young Entrepreneurs Fund Phase 1, the company was delighted to launch the next phase.
The next phase, she explained, was a testament to the vision of empowering young entrepreneurs and businesses as catalysts for social and economic development in Ghana.
She said: “We believe that by providing both financial and non-financial resources, we can help these businesses survive and thrive in the competitive and dynamic market.
“We also recognise the importance of sustainability and environmental and social responsibility, which is why we have incorporated these aspects into our initiative.
“We invite all young entrepreneurs who share our passion and values to join us in this journey of creating positive impact and transforming the future of Ghana.”
The initiative also pioneered ESG training and capacity building, paving the way for businesses to develop robust environmental and social management systems and pursue certifications and licenses.
“The goal is to support at least 200 businesses while creating jobs that will lead to economic growth,” it said.
“Building on the success of its first phase, Fidelity Bank introduces enhanced terms and conditions, amplifying support for young entrepreneurs, both financial and non-financial, in the second phase.
“The pricing remains competitive at 10% per year with a processing fee of 0.5%. Start-up funding is now accessible for businesses operational for at least one year, while the qualifying age for women extends to 45 years,” the release said.
“The initiative broadens its scope to include sectors such as manufacturing, agriculture, technology, creative arts, water, sanitation and hygiene (WASH), renewable energy, and recycling” the release said.
The Bank encouraged all eligible young entrepreneurs to seize the opportunity by submitting their applications at https://fyei.fidelitybank.com.gh/or by contacting 0531012935 or 0596039614.
Source: GNA
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