The Bank of Sierra Leone (BSL) has announced the launch of the Youth Entrepreneurship Fund (YEF) with an allocation of NLe22.8 million.

The initiative is aimed at supporting and empowering young entrepreneurs and Micro, Small, and Medium Enterprises (MSMEs) across Sierra Leone. This major initiative is part of BSL’s efforts to enhance youth employment, promote entrepreneurship, and boost the growth of digital finance and financial technology (Fintech) in the country.

To be eligible for this fund, applicants must be Sierra Leonean youth aged between 18 to 35 years. The fund particularly emphasizes supporting female youth and youth-led or youth-managed MSMEs. Applicants can range from individuals with business ideas or proof of concept to those with established businesses.

Furthermore, applicants are required to have relevant entrepreneurship skills, either through formal training or experience, and must be registered with appropriate authorities and a licensed financial institution regulated by the BSL.

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The YEF will be governed by a Technical Programme Committee responsible for managing the application process and shortlisting eligible candidates. After passing initial assessments, successful applicants will receive funding through participating financial service providers.

The fund will offer loans with an interest rate of 10 percent per annum and no additional processing fees. Applicants are also allowed a grace period of three months before repayment begins, with the total loan tenure not exceeding two years.

BSL has placed strict guidelines on the use of the funds, prohibiting the financing of harmful activities or repayment of existing loans. The fund is expected to significantly contribute to the growth of youth-led businesses and the country’s economy. The YEF will take effect on May 15, 2024, and is anticipated to serve as a powerful tool for addressing unemployment and fostering innovation among the nation’s youth.