What is NYDA all about?
The National Youth Development Agency provides financial and non-financial support to young entrepreneurs so that they can grow their businesses. This is made possible through their grant program, which we shall discuss in detail.
It takes more than money for a business to succeed, and that is why the agency also offers support services like NYDA mentorship, market linkage, Business Management Training Programmes, among others. This is the official NYDA logo
Image: instagram.com, @nyda_insta
Source: Instagram
NYDA Business funding
They provide three types of funding: partial, cofounding, and financing for a loan deposit from a legal lending institution.
They do not fund in the following circumstances:
- Companies with an annual turnover of more than R750,000 and cooperatives with a yearly turnover of over R1,000,000 can not be beneficiaries of the grant.
- The National Youth Development Agency staff and board members are not eligible.
- They do not fund pyramid schemes and other illegal businesses.
- If the applicant has been convicted of fraud, they can not be approved.
- If the primary source of income is tobacco, alcohol, or gambling, they will not finance your business.
- Seed funding for research and development is not allowed unless it is for mobile application prototypes.
How much can I receive from the NYDA?
They provide funding ranging from R1,000 to R200,000.
Image: instagram.com, @nyda_insta
Source: Instagram
The grants are divided into four categories depending on the stage that the business is in.
- Threshold 1- R1,000 to R10,000. Idea generation and survivalists (startups).
- Threshold 2- R10,001 to R50,000. Startups PTY and cooperatives.
- Threshold 3- R50,001 to R100,000. Growth stage PTY and cooperatives.
- Threshold 4- R100,000 to R200,000. Expansion stage PTY and cooperatives.
For agricultural and technology-related businesses in threshold 4, their maximum grant is R250,000 because they are more capital intensive.
How can the grant money be used?
It can be used for buying assets, bridging finance, renovating a shop, or paying working capital to a grantee.
R
The NYDA grants should not be used for paying bribes, buying vehicles, refinancing existing loans, or settling overdue South Africa Revenue Services liabilities.
Did You Know : Top 15 Free Online Learning Platforms
-
Free Online Education Degrees : Coursera:
Coursera partners with universities and organizations worldwide to offer a wide range of courses. While many courses are free, a fee is often required for certification.
-
Free Online Education Degrees: edX:
Founded by MIT and Harvard, edX offers high-quality courses from top universities and institutions around the world. Certificates are available for a fee.
-
Free Online Education Degrees : Khan Academy:
Khan Academy provides free educational content in various subjects, especially mathematics and science, using instructional videos and practice exercises.
-
Free Online Education Degrees : Udacity:
Udacity focuses on tech-related courses and nanodegree programs, offering free content as well as more in-depth paid programs.
-
Free Online Education Degrees : MIT OpenCourseWare (OCW):
MIT OCW provides a vast array of MIT's course content for free, covering a wide range of disciplines.
-
Free Online Education Degrees : Harvard Extension School:
Harvard Extension School offers a selection of free online courses. While some courses are free, others may require payment for a certificate.
-
Free Online Education Degrees: Stanford Online:
Stanford Online offers a variety of free courses in different disciplines, including computer science, engineering, and business.
-
Best Free Online Courses : Carnegie Mellon Open Learning Initiative (OLI):
OLI offers free online courses and resources designed to improve learning outcomes through research-based methodologies.
-
Best Free Online Courses : FutureLearn:
FutureLearn partners with universities and institutions to offer a diverse range of free online courses. Certificates are available for a fee.
-
Best Free Online Courses: Alison:
Alison offers a wide range of free online courses, including diploma and certificate programs, covering various subjects.
-
Best Free Online Courses: Open Yale Courses:
Yale University provides free access to a selection of introductory courses through Open Yale Courses.
-
Best Free Online Courses : UC Berkeley Online:
UC Berkeley offers free online courses on a variety of subjects, ranging from computer science to humanities.
-
Best Free Online Courses : Google Digital Garage:
Google Digital Garage provides free courses on digital skills, including online marketing, data analysis, and more.
-
Best Free Online Courses : Codecademy:
Codecademy offers free coding courses, interactive exercises, and coding projects to help individuals learn programming languages.
-
Best Free Online Courses : LinkedIn Learning (formerly Lynda.com):
LinkedIn Learning provides a variety of video courses on professional development, technology, and creative skills. It offers a free trial period.