The commencement of Phase Two of the Fidelity Young Entrepreneurs’ Initiative (FYEI) by Fidelity Bank Ghana, the country’s biggest privately-owned bank, emphasized the bank’s commitment to fostering economic growth and development. This revolutionary initiative intends to give both financial and non-financial assistance to empower youth-centric firms, therefore significantly contributing to Ghana’s future economic environment.
The project initially targeted energetic and imaginative young entrepreneurs aged 18-40, with a focus on female entrepreneurs and start-ups. FYEI phase I released GHS 3.9 million to 32 borrowers with a fund size of GHS 10 million, producing significant results. The average loan size of GHS 200,000 and length of 24 months demonstrated the initiative’s efficacy. Since its beginning, a total of 32 businesses have benefitted 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 presents elevated terms and conditions, increasing financial and non-financial support for young entrepreneurs. Financial price remains competitive at 10% per year with a 0.5% processing charge.
Start-up money is now available for enterprises that have been in operation for at least one year, while the eligibility age for women has been raised to 45 years. Manufacturing, agriculture, technology, creative arts, water, sanitation and hygiene (WASH), renewable energy, and recycling are among the sectors covered by this initiative.
Recognizing the diverse requirements of young entrepreneurs, the initiative has improved the non-financial components at no extra cost. This includes access to mentorship from experienced entrepreneurs, legal and regulatory support, and the addition of sustainability as a service, demonstrating Fidelity Bank’s commitment to growing sustainable enterprises.
The concept also intends to provide all firms with access to market possibilities through strategically managed marketplace events held twice a year.
In addition, the initiative promotes ESG training and capacity building, opening the road for firms to construct strong environmental and social management systems and pursue certifications and licenses.
The objective is to assist at least 200 enterprises while also providing jobs, resulting in 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,” stated Nana Yaa Afriyie Ofori-Koree, Head of Partnerships, Sustainability, and CSR, Fidelity Bank.
She went on to say, “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 welcomes all qualified young entrepreneurs to take advantage of this opportunity by submitting an application at https://fyei.fidelitybank.com.gh/
For all other enquiries contact the following numbers 0594111207/0596039614 or via email at sustainablefinance@myfidelitybank.net. The application window opens now until December 31, 2023.
Fidelity Bank’s dedication to assisting young entrepreneurs demonstrates the bank’s confidence in the transformative power of youth-led firms.
With its expanded scope and enhanced support measures, the FYEI is strategically positioned to play an important role in shaping Ghana’s future economic landscape, empowering the next generation of entrepreneurs to drive innovation, create jobs, and contribute to the nation’s long-term development.
