The Fidelity Young Entrepreneur’s Initiative (FYEI) launched in March 2021 is Fidelity Bank’s GHS 10 Million initiative which seeks to provide both financial and nonfinancial resources to enable youth-related businesses to survive and thrive.
The initiative provides seed capital/soft loans at concessionary rates (10%) with flexible repayment terms back by business management training support to the beneficiary businesses.
As a partner, GIRSAL supports this initiative through loan application appraisal and structuring, post-approval monitoring and technical support, to the bank and agribusinesses. GIRSAL also provides a 70% credit guarantee cover to qualified agricultural loans at a reduced CRG fee.
Most of the targeted agribusinesses that benefit from the project do not have the required security to receive credit from the bank since they are mostly posted profit start-ups. Hence, the GIRSAL guarantee is valuable security to the bank.