The Industrial Development Corporation (IDC) has created the Gro-e-Youth Scheme grant to offer financial and non-financial support to youth enterprises that actively contribute towards job creation and growing South Africa’s economy. The Scheme provides loans at an interest rate of up to prime minus 3%. In a highly competitive business environment, this is a key advantage for any young entrepreneur to utilise. Dream Team Capital can provide youth with access to this lucrative grant.
The grant offers a minimum of R1 million with a maximum of R50 million per project. The grant funding period will be structured to meet the cash flow needs of the business. This funding is available over five years or until the Scheme is exhausted, whichever occurs first. The first draw must however be within one year from the approval of funding. Additionally, appropriate capital and interest payment holidays will be applied depending on the financial needs of the business.
Who can Apply for the Gro-E Youth Scheme Grant:
- Start-up businesses, including funding for buildings, machinery, and working capital;
- Existing businesses for expansion purposes;
- Businesses with more than 25% ownership by individuals under the age of 36;
- Businesses that demonstrate economic merit and have prospects of acceptable profitability to be able to service their obligation;
- For the duration of the funding period, businesses whose maximum cost per job does not exceed R500 000 relative to the total funding required;
- Enterprises with Broad-Based Black Economic Empowerment certification from an accredited verification agency, where applicable;
- Businesses operating or expanding in South Africa;
- Available to South Africans and permanent residents; and
- Applications that meet IDC sector and funding requirements.
Sectors that the Grant assists include:
- Green industry;
- Mining value chain;
- Media and motion pictures;
- Strategic high-impact projects; as well as
- Tourism and high-level services.
At Dream Team Capital, we can assist to develop the necessary documentation and facilitate the grant application process with professional assistance.
For more information and assistance on the Gro-E Youth Scheme grant – Contact DTC
