Results indicate that participation in the youth fund program is positively and significantly influenced by the age cohort of the youth entrepreneur (the older youth aged 26-35 years are more likely to access the fund compared to the younger youth (18-25 years), location of the business (urban based businesses have a higher chance of accessing the fund), type of business enterprise (those in services are more likely to access the fund loan) and business maturity. The data sourced from the commercial bank provides an overview of the fund beneficiaries by basic socio economic characteristics while the field survey data was used to compare the activities of beneficiaries vis a vis non-beneficiaries.
The study majorly relied on secondary data provided by Centenary Bank, the largest commercial bank participating in the fund and was complemented by a survey of beneficiaries as well as potential beneficiaries. Using the UYVCF as a case study, this study examines the level and determinants of youth participation in the fund and evaluates the operations of the fund against the initial guidelines and design as stipulated in the Aide memoire1 between the Ministry of Finance Planning and Economic Development (MFPED) and the participating banks. The major pillars of these initiatives are: enterprise development, job creation and business skills training and development.
Specifically, the Youth Venture Capital Fund (UYVCF) worth UGX 25bn (about US$ 10 million) was introduced in 2011 and more recently, in September 2013, government significantly boosted youth schemes by allocating UGX 265 billion (about US$ 100 million) to the Youth Livelihood Programme (YLP) over a five-year period. As the government struggles to look for solutions to the unemployment challenge, one approach has been the promotion of self-employment through the establishment of National Youth Funds. At least 64 percent of the total unemployed persons are youth aged 18-30 years. Youth unemployment continues to be a developmental challenge not only in Uganda but in several sub Saharan countries.
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