BUSINESS, Enterpreneurship

Swedish Development Agency helps Young People to receive Non-refundable Grants

Cooperation with the Swedish Development Agency in BiH (SIDA) will allow young people to receive express and non-refundable grants ranging from 500 and 2.000BAM for them to start their micro-businesses. The total amount of funds is 30.000 BAM.

In this instance preconditions for becoming a boss are not complicated at all. Young potential candidates (youth from 18 to 35 years old) need to register a new business within 3 months of receiving money. Headquarters of the business must be in the territory of BiH. Businesses will be registered as a commercial agricultural household, independent entrepreneurship (The Republika Srpska) or trade (The Federation of Bosnia and Herzegovina). It is relevant that the said businesses employ at least person. Since these are the businesses supported by Mozaik Foundation, it is implied that they must be beneficial to the wider community and have a certain impact.

Following the registration, the mentoring team of Mozaik Foundation will assist young people in further steps concerning the application – especially in developing a finance plan, because it is very important that the idea is financially sustainable.

Deadline for applying is 10th October 2018 (2:00 pm) through only! The decision on the businesses which will receive the grants will not be made by Mozaik Foundation, SIDA or the committee of experts, but by all citizens who are interested in making a decision! They will use their votes, i.e. likes, to help choose the best candidates. Candidates with the highest number of votes will receive the grants. Citizens may vote from 7th to 13thof November 2018 (until 2:00 pm). Each micro-business must have a minimum of 50 votes.

Open call such as this one, will not be uncommon in LONAC and will launch several times a year. Young people are expected to make the most of this and similar offers as excellent business start-up opportunities, which may open the door to other SIDA programs, and hence to larger funds (such as. Challenge to Change i.e. C2Cproject).

SIDA representatives pointed out that the partnership with Mozaik Foundation was not built by chance and that this is the case of more profound cooperation which supports Mozaik Foundation in the following three areas: further construction of ecosystems for social (impact) entrepreneurship through; development of partnerships with the private sector in the context of support which private sector is able to provide to start-up companies in BiH, as well as financing of micro-business through the ongoing grant program (the one that we are signing today). It was also mentioned that SIDA wishes to encourage young people during their first toughest steps in starting a business, through micro-grants and cooperation with Mozaik Foundation, and hope that such an innovative approach to allocating resources, in which the community plays a major role by giving their votes, will soon become an example to follow in the region.

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