Fidelity Bank launches fund to support young entrepreneurs and startups
Fidelity Bank plc has launched the Fidelity Young Entrepreneurs Fund (FYEF) in a bid to support existing businesses and startups by young entrepreneurs faced with difficulty in accessing finance, harnessing social impacts potential, and building capacity. FYEF also seeks to guide youths on how to scale up their business ideas.
According to Julian Opuni, Managing Director, Fidelity Bank, the initiative is in line with the bank’s move to provide innovative funding options and other forms of relevant support to young entrepreneurs in the country.
“The initiative underscores our commitment to empowering young entrepreneurs and businesses to be a catalyst for social and economic development in Ghana.”
He further explained that the programme was mainly introduced for those involved in the following business categories which includes: Companies that have been operational for at least two years and have exhibited a steady flow of revenues/ sales and profit; Startups in their first stage of operation established with personal funds as capital, whether in investment or assets and have been operational for at least six months.
Highlighting more on the project, Director of Commercial & SME Banking, Fidelity Bank, Linus Kumi, stated: “We recognize the difficulties that young entrepreneurs face in growing their businesses and it is important that we take a different approach that enables these young people to achieve personal and economic development.”
Mr. Kumi also appreciated FYEF’s for initiating such strategic partnership in other projects such as Growth Mosaic, Innohub and Hope Academy and for contributing to capacity building of these young entrepreneurs, thereby helping to impact the economy positively.
“Over the years, we have contributed to the development of entrepreneurs in the areas of fashion, technology, foodservices, agriculture, agro-processing, health services, transportation, water sanitation and hygiene,” he added.
This initiative and more further elaborates Fidelity Bank Plc’s “Together We’re More” brand promise and its reiterated support for young entrepreneurs. The leading bank views success as a collaborative effort among key stakeholders working together towards a greater good.
Other initiatives that center on the well-being of the young people are the Orange Corners Innovation Fund, which was introduced in 2019, in collaboration with the Kingdom of the Netherlands and executed by MDF West Africa to raise access to affordable credit facility to young business operators, promote growth and contribute to the sustainability of young entrepreneurs’ ecosystem by leveraging on strategic partnership.
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