Fidelity Bank Ghana, the nation’s largest privately-owned bank, has reaffirmed its dedication to driving economic growth and development through the launch of Phase Two of the Fidelity Young Entrepreneurs’ Initiative (FYEI). This transformative program aims to provide both financial and non-financial support to empower youth-centric businesses, contributing significantly to the future economic landscape of Ghana.
In its initial phase, the initiative targeted vibrant and visionary young entrepreneurs aged 18-40, prioritizing female entrepreneurs and start-ups. With a fund size of GHS 10 million, FYEI I 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 have benefited from the fund and we hope to grow this number over the next couple of years.
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 for young entrepreneurs. The financial pricing remains competitive at 10% per annum and 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 initiative broadens its scope to include sectors such as manufacturing, agriculture, technology, creative arts, water, sanitation and hygiene (WASH), renewable energy, and recycling.
Recognizing the multifaceted needs of young entrepreneurs, the project has enhanced the non-financial aspects with no additional cost. This includes access to mentorship from seasoned entrepreneurs, legal and regulatory assistance, and the incorporation of sustainability as a service, which underscores Fidelity Bank’s commitment to nurturing sustainable businesses.
The project is also poised to create access to market opportunities for all the businesses through strategically curated marketplace events twice a year.
The initiative also pioneers 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 which will lead to economic growth
“After a successful Fidelity Young Entrepreneurs Fund phase one, we are delighted to launch the next phase of it, which is a testament to our vision of empowering young entrepreneurs and businesses as the catalysts for social and economic development in Ghana,” said Nana Yaa Afriyie Ofori-Koree, Head of Partnerships, Sustainability, and CSR, Fidelity Bank.
She added, “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 recognize 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.”
Fidelity Bank invites all eligible young entrepreneurs to seize the opportunity by submitting their applications at https://fyei.fidelitybank.com.gh/
For all other enquiries contact the following numbers 0531012935/0596039614 or via email at [email protected]. The application window opens now until December 31, 2023.
Fidelity Bank’s commitment to supporting young entrepreneurs is a testament to its belief in the transformative power of youth-led businesses.
The FYEI, with its expanded scope and enhanced support measures, is strategically positioned to play a significant role in shaping Ghana’s future economic landscape, empowering the next generation of entrepreneurs to drive innovation, create employment, and contribute to the nation’s sustainable development.
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