A Few Words
About YESS Fund
Background
Young entrepreneurs and startups often face challenges accessing traditional financing due to their limited experience and assets. Financial institutions view them as high-risk, even for relatively small investments. Additionally, they may be too small to attract angel investors and venture capitalists.
To address this issue, both governments and the private sector should establish alternative mechanisms and institutions to provide young entrepreneurs with the necessary capital for business growth. Access to affordable financing is crucial for fostering stable economies and promoting social mobility.
In 2019, GCYE initiated a stakeholder consultation to explore innovative ways of creating a dependable and sustainable funding source for young entrepreneurs and startups. In 2021, stakeholders introduced the Young Entrepreneurs and Startup Support Fund (YESS Fund), recognizing the importance of peer-to-peer fundraising as the future of fundraising.
YESS Fund is an entrepreneur-to-entrepreneur (peer-to-peer) revolving fund utilising crowdfunding to create a pool of funds from amongst its members for its members.
With Administrative support from the Ghana Chamber of Young Entrepreneurs (GCYE), The fund is set up and controlled by young entrepreneurs using a Bank of Ghana third-party-approved mobile App called Chango.
Members have access to varied benefits, including; access to cheap interest loans with no collateral or paperwork, Free Business, Legal Advisory, Emergency Travel coverage, Purchase order Power, and many other benefits.