•This will address youth unemployment in the country through expanding new and existing youth-led businesses.
Image: COURTESY
The government yesterday launched the MbeleNaBiz Business Plan Competition which will award 750 successful applications grants of either Sh900,000 or Sh3,600,000.
This will address the country's high youth unemployment rate by expanding new and existing youth-led businesses.
“By investing in young entrepreneurs whose ventures will generate employment opportunities for other youth, the Competition will contribute to the development of an inclusive economy that provides opportunities for many Kenyans,” Trade CS Peter Munya said.
The MbeleNaBiz Business Plan Competition is an initiative of the Government of Kenya under the Kenya Youth Employment and Opportunities Project (KYEOP), which is supported by the World Bank.
MbeleNaBiz is implemented by the Micro and Small Enterprises Authority (MSEA) and the Ministry of Public Service, Youth and Gender Affairs.
“The government is committed to supporting youth who have shown potential in entrepreneurship through capacity building and providing access to capital. We are also formulating different ways to tax small businesses,” Munya added.
MbeleNaBiz is a national competition that will accept applications from new and existing youth-led enterprises from all the 47 Counties.
The Competition will also accept applications from young Kenyans living in the diaspora if their proposed businesses operate in Kenya.
Applying youth need to be between 18 and 35 years old with Form Four and above level of education.
“The Government continues to dedicate resources to youth empowerment initiatives and seeks to put in place mechanisms that will create opportunities with an aim to boosting Kenya’s development,” said Margaret Kobia, Cabinet Secretary Ministry of Public Service, Youth and Gender Affairs.
Applications to the Competition will be subject to screening and will be evaluated based on the potential impact, viability and sustainability of the proposed business idea.
The application Portal opened on 24 June 2019 and will continue receiving applications until 2 September 2019.
“We look forward to receiving high quality business proposals from our youth, which will promote sustainable businesses leading to the growth of the economy,”said Henry Rithaa, MSEA CEO.