GAB launches YouStart Commercial Model to empower young entrepreneurs
The Ghana Association of Banks, in collaboration with the Ministry of Finance, has launched the YouStart Commercial Model, a groundbreaking initiative aimed at addressing youth unemployment and promoting entrepreneurship in Ghana.
In a statement, John Awuah, Chief Executive Officer of the Ghana Association of Banks said this innovative programme is designed to provide financial and technical support to young entrepreneurs, enabling them to grow, and sustain their businesses, thereby contributing to job creation and economic development in Ghana.
“The programme offers a comprehensive package of support that includes, low-interest loans, capacity building, and ongoing business support services,” he said.
The YouStart Commercial Model is a key part of a strategy to empower young Ghanaians, particularly those aged 18 to 40, by enhancing their access to finance, training, and market opportunities.
Several leading financial institutions are participating in the pilot phase of the YouStart Commercial Model, including ABSA Bank Ghana, Consolidated Bank Ghana, Ecobank Ghana, First Bank Ghana, and GCB Bank. These banks will collaborate with the government to provide the necessary financial resources, expertise, and networks to help young entrepreneurs scale their operations.
Following the pilot phase, other financial institutions are expected to join the initiative. Through these partnerships, the YouStart Commercial Model aims to close the financing gap faced by small businesses, enabling them to scale and contribute significantly to Ghana’s economic growth.
Key Features of the YouStart Commercial Model includes access to finance, where entrepreneurs will receive financial assistance tailored to their business needs through low-interest loans.
In term of capacity building, the programme offers extensive training and mentorship, equipping participants with the skills needed to manage and expand their businesses effectively.
The programme offers market access by providing connections to local and international markets will be facilitated, giving entrepreneurs the opportunity to expand their business reach. The programme also offers business support services, which would be an ongoing support, including legal, regulatory, and technical assistance, and will be provided to help entrepreneurs navigate challenges and sustain growth.
Application details
The first batch of applications for the YouStart loan opens on October 22, 2024, and closes on November 21, 2024. Interested entrepreneurs can apply through the official website at youstart.com.gh or contact participating financial institutions for more information.
By addressing the challenges young entrepreneurs face, the YouStart Commercial Model aims to stimulate business growth and foster economic development, positioning Ghana’s youth as key drivers of the country’s future prosperity.