Empowering Youth to Create Their Jobs
In an effort to encourage self-employment, Bedayati launched its second entrepreneurship program in 2023. Students pitched their business ideas to a jury of coaches and industry experts in August. Five projects were selected for funding and further coaching with the goal of empowering youth to start or expand their own businesses. Bedayati will provide group coaching to all projects that receive micro-loans, covering financial management and accounting, digital marketing and sales.
Aisha, an accessories designer and one of the 2022 recipients of a micro-loan from Bedayati, repaid her loan in full in October 2023. Hassan, a carpenter by training who also received a micro-loan, has repaid 60% of his loan so far. When he reimburses the full loan, he will receive an additional $1,500 to purchase carpentry tools.
With his first payment, Hassan bought equipment that he used to rent, improving the quality and speed of his carpentry work while reducing costs. He still needs to purchase additional equipment that he normally rents (worth $1,500), including a circular saw, chisel rolls, a fixed drill, a pillar drill, a mitre saw, a sanding machine, planer and an electrical tool bag.
Encouraging entrepreneurs to establish their own home businesses through small but interest-free loans is globally recognized as an effective tool for combating poverty and empowering youth. Loans that are repaid to Bedayati are used to fund additional micro-entrepreneurship projects.