The Ishk Tolaram Foundation, a prominent organization dedicated to youth empowerment and skills development, recently awarded N5 million in business grants to 18 young entrepreneurs. This initiative, known as the Alumni Business Grant, aims to support graduates of the Foundation’s vocational training program who are already operating nano businesses. The grants provide crucial funding for recipients to acquire advanced tools and equipment, facilitating their transition into small businesses and enabling them to scale their operations. Recognizing that access to funding is often a significant hurdle for young entrepreneurs, the Foundation designed this program to bridge the gap and serve as a robust support system. Each grant, tailored to the specific needs of the awardee, can reach up to N300,000, empowering the recipients to invest strategically in their businesses.
The Foundation’s vocational training program, launched in 2021, has already benefited over 1,300 young Nigerians, equipping them with valuable skills across diverse sectors. However, many alumni encountered challenges in expanding their ventures due to the prohibitive cost of essential tools and equipment. The Alumni Business Grant addresses this critical obstacle, providing direct financial assistance to help these budding entrepreneurs overcome financial constraints. The Foundation’s proactive approach reflects its deep commitment to nurturing the entrepreneurial spirit among young Nigerians and fostering sustainable economic growth within communities. By investing in these young businesses, the Foundation is fostering self-reliance, job creation, and positive social impact.
The selection process for the Alumni Business Grant is designed to be inclusive and accessible, considering the varied literacy levels of the alumni. Applicants from diverse vocational backgrounds, including fashion design, plumbing, carpentry, masonry, and more, are encouraged to participate. The three-stage process involves an initial application, followed by a thorough review by a panel of four judges, and culminates in an in-person interview. This comprehensive approach ensures that the most promising and committed entrepreneurs are selected to receive the grants. The interviews provide an opportunity for applicants to articulate their business ideas, demonstrate their understanding of the market, and showcase their dedication to their ventures.
A significant portion, over 60 percent, of the Foundation’s alumni have already launched or expanded their businesses, demonstrating the effectiveness of the vocational training program. However, many still face operational limitations due to a lack of access to essential tools and financing. The grant addresses this crucial gap, enabling recipients to purchase equipment rather than relying on costly rentals or borrowing, thus boosting their productivity and profitability. This, in turn, allows them to take on more projects, generate higher income, and expand their impact on their communities. The Alumni Business Grant is a catalytic investment, empowering young entrepreneurs to unlock their full potential and contribute meaningfully to the economy.
The Foundation’s initiative has garnered widespread recognition and commendation. Government officials and representatives from the Industrial Training Fund (ITF) have lauded the Foundation’s pragmatic and sustainable approach to youth empowerment. The Director of the Youth Development Department at the Ministry of Youth and Social Development emphasized the importance of replicating such initiatives across the country, highlighting the positive impact on job creation and community development. The South-West Zonal Director of the ITF echoed these sentiments, recognizing the alignment of the grant program with the ITF’s mission of promoting technical and vocational training nationwide. The Foundation’s efforts are seen as a model for effective youth empowerment, demonstrating the transformative potential of combining skills training with targeted financial support.
With an annual training capacity exceeding 500 young people and a growing alumni base of over 2,000, the Ishk Tolaram Foundation is poised to make an even greater impact on youth development in Nigeria. The Foundation remains steadfast in its commitment to supporting at least 50 high-performing alumni annually through the Alumni Business Grant. Furthermore, the Foundation actively seeks partnerships with like-minded organizations and financial institutions to expand the reach of this impactful initiative. By fostering collaborative efforts, the Foundation aims to amplify its impact and empower a greater number of young entrepreneurs to thrive and contribute to the nation’s economic prosperity. The Foundation envisions a future where young Nigerians have access to the resources and support they need to transform their innovative ideas into successful businesses.
