CBZ Holdings is preparing to provide seed capital for 20 young entrepreneurs from across the country’s 10 provinces after conducting a series of workshops throughout Zimbabwe.
BY BUSINESS REPORTER
The entrepreneurs were finalists to a competition the bank was running alongside the Youth Entrepreneur Programme (YEP) workshops, which were held in each of the provinces.
In statement, CBZ Holdings said seed capital would range from $300 to $1 000, which will be channelled strictly for business use only.
“There will also be coaching and mentoring for the participants at different stages of the programme. CBZ business banking division, whose mandate it is to nurture and grow small businesses, will be responsible for assessing how bankable the shortlisted projects are. The division will also link the participants to relevant products within its portfolio,” CBZ Holdings said.
The bank said everyone, who had gone through the programme, would gain immense knowledge and practical skills on how to successfully run a profitable business.
Over $35 000 has been set aside for the YEP programme.
The 20 finalists were chosen from 1 260 participants, who participated in the YEP workshops held across the country that started at the beginning of last month.
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Last week, CBZ hosted the Harare leg of the YEP workshop.
The initiative is also in line with their corporate social investment thrust to empower young people involved in business.
“The programme will afford the youth a unique opportunity to turn innovative ideas into real businesses and improve their living standards and for their communities too. It will support youth in their entrepreneurial endeavours to create real business and to encourage the commercialisation of promising ideas,” CBZ Holdings said.
“Our thrust is to unlock the innovation that is deeply entrenched in the youth and give them a platform, where they cannot only express their entrepreneurial ideas, but turn these ideas into successful business ventures. CBZ is committed to investing and partnering the community from which we derive our business.”
CBZ Holdings said YEP was in-line with the Reserve Bank of Zimbabwe’s 2016-2020 National Financial Inclusion Strategy.