Small and medium-sized enterprise (SME) financier Business Partners has established a R150-million SME Youth Jobs Fund to enable established SMEs to create new employment opportunities for young South Africans, while supporting business growth and driving inclusive economic development.
The launch comes as youth unemployment remains one of the country's most pressing socioeconomic challenges.
SMEs remain a critical engine of economic growth and employment creation in South Africa. However, many businesses face significant cost pressures when expanding their workforce. The SME Youth Jobs Fund has been designed to help bridge this gap by reducing the financial burden associated with creating new jobs.
Business Partners MD Jeremy Lang says the fund has been designed to provide SMEs with access to finance specifically for labour-related costs associated with employing new staff members between the ages of 18 and 35. The fund is expected to support about 220 SMEs and facilitate the creation of nearly 1 000 new jobs.
“South Africa's youth unemployment challenge requires practical, scalable solutions that create real opportunities for young people to enter the workforce,” says Lang, who believes SMEs are uniquely positioned to play a meaningful role in addressing this challenge.
