Foundation Empowers Young Entrepreneurs with N5m Business Grants

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Ishk Tolaram Foundation has awarded N5m in business grants to selected youth entrepreneurs under its Alumni Business Grant initiative, aimed at supporting alumni of its vocational training program who are already running nano businesses.

For further information, read more details here

The grant, which ranges from N300,000 per individual, will help 18 awardees acquire advanced tools and equipment needed to scale their businesses. According to Oje Ivagba, Programme Director of the Foundation, “This grant is our way of deepening our contribution to their journey and being the kind of support system they need, especially given the complexities of accessing funding at their level.”

The Foundation has trained over 1,300 young Nigerians since the launch of its Each Skills Up vocational programme in 2021, but found that many alumni struggle to grow their businesses due to the high cost of technical tools. Abiola Oyeneye, Programme Manager of the Foundation, explained that the selection process was inclusive, encompassing various skills such as fashion design, plumbing, carpentry, and masonry.

“We received several applications which went through a three-stage process: application, review by a panel of four judges, and a final in-person interview to assess their business ideas and commitment,” Oyeneye said. The Foundation is seeking partnerships with like-minded organisations and financial institutions to scale the initiative and reach more young people.

The Director of the Youth Development Department at the Ministry of Youth and Social Development, Saka Abdulateef, commended the Foundation’s efforts in empowering young people in practical, sustainable ways. “This initiative is a shining example of meaningful youth empowerment. Empowering our youth with skills and also supporting them to scale is the type of intervention we need to replicate across the country,” Abdulateef stated.

The Foundation trains over 500 young people annually, with a growing alumni base exceeding 2,000, and is committed to continue supporting at least 50 high-performing alumni each year.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post