Youth Enterprise Development Fund, popularly known as Youth Fund has announced restructuring loans amounting to ksh 32.1 million in a move to cushion borrowers against the COVID-19 pandemic negative impact.
This lender was created by the Kenyan government to support youths owned businesses to grow, in order to provide jobs for the large number of unemployed youths.
“The Youth Fund has restructured loans worth Sh31.2 million in the last three weeks. This will offer the much needed relief to businesses owned by youth during this trying moment,” said YEF acting chief executive Benson Muthendi.
Last month, the Central Bank predicted that up to 75 per cent of small businesses will collapse in the near future due to the ongoing Coronavirus pandemic which has brought the economy on its knees.
In this regard, the Youth Fund decided to take a quick move and announce giving borrowers relief, something much needed at the moment.
Youth Fund provides affordable loans to individual youths and but mostly youths in groups.
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