Ishk Tolaram Foundation Empowers Young Entrepreneurs with Business Grants
The Ishk Tolaram Foundation has made a significant impact in the realm of youth entrepreneurship by distributing N5 million in business grants through its Alumni Business Grant initiative. This effort aims to bolster young entrepreneurs who have participated in the Foundation’s vocational training programs. The announcement was made by Oje Ivagba, the Programme Director, during the recent Alumni Business Grant Awards ceremony held in Lagos.
Purpose of the Grant Initiative
The primary objective of these grants is to assist alumni from the Foundation’s vocational training program, particularly those operating nano businesses, in transitioning to small-scale enterprises. This support is critical as it provides funding to acquire essential tools and equipment necessary for scaling their operations. Ivagba highlighted the importance of this support, noting that while over 1,300 young Nigerians have been trained since the inception of the Each Skills Up vocational program in 2021, many graduates struggle to grow their businesses due to the prohibitive costs associated with technical tools.
Ivagba emphasized, “This grant is our way of deepening our contribution to their journey and being the kind of support system they need, especially given the complexities of accessing funding at their level.” This initiative reflects the Foundation’s commitment to empowering young entrepreneurs by addressing the financial barriers they encounter.
Grant Distribution and Support
This year, the Foundation is aiding 18 selected awardees, providing tailored funding up to N300,000 per individual, based on their specific business needs. The Foundation is also seeking to establish partnerships with organizations and financial institutions that share its vision to expand this initiative and reach a broader audience of young entrepreneurs.
Inclusive Selection Process
Abiola Oyeneye, the Programme Manager of the Foundation, provided insights into the inclusive selection process for the grants. She explained that applicants from diverse skill areas such as fashion design, plumbing, carpentry, and masonry were considered, ensuring representation across genders. The application process was designed to be straightforward and accessible, taking into account the varying literacy levels of alumni.
The selection involved a three-stage process: an application phase, a thorough review by a panel of four judges, and a final in-person interview to assess the applicants’ business ideas and commitment to their entrepreneurial goals. Oyeneye noted that over 60% of the Foundation’s alumni have initiated or expanded their businesses despite facing barriers related to financing and access to tools.
Impact on Young Entrepreneurs
Many alumni currently resort to borrowing or renting essential tools to complete jobs. With the support from these grants, they can acquire their own tools, thereby enhancing their capacity to take on more work and improve their income. Oyeneye remarked, “With this support, they can now own these tools, increase their capacity, take on more jobs, and improve their income and social impact.”
Community and Government Support
In a show of solidarity, Saka Abdulateef, the Director of the Youth Development Department at the Ministry of Youth and Social Development, praised the Foundation for its role in empowering young individuals in practical and sustainable manners. He called the initiative a “shining example of meaningful youth empowerment” and stressed the importance of replicating similar interventions across the country.
Abdulateef encouraged the beneficiaries to utilize the grants wisely to develop their businesses, create job opportunities, and make positive contributions to their communities. Additionally, Awoniyi Omoniyi, the South-West Zonal Director of the Industrial Training Fund, commended the Foundation for its unwavering commitment to youth development and skills empowerment, emphasizing that such initiatives align with the ITF’s mission to promote technical and vocational training nationwide.
Future Aspirations
The Foundation has expressed its commitment to training over 500 young individuals annually, with a growing alumni network that now exceeds 2,000. It aims to support at least 50 high-performing alumni each year, with the potential for expansion through collaborative efforts. With continued focus on empowering youth, the Ishk Tolaram Foundation is paving the way for a brighter future for young entrepreneurs in Nigeria.
