Youth Enterprise Fund doles out Sh600m to showbiz projects

Youth Fund Chairman Gor Semelang’o. The fund is providing working capital for youth in the film making business [PHOTO: FILE/STANDARD].

By George  Orido

The Youth Enterprise Development Fund (YEDF) has introduced an ambitious Sh600 million film and music project that will help thousands of youths get jobs.

The Fund expects to help create employment for the youth through a financing initiative dubbed Take 254 and Vijanaa Youth Fund for Music. Under the initiative the loanee will use the copyright of film or music produced as the collateral.

This means the youth fund will hold the copyright until the beneficiaries clear the loan with an eight per cent interest only chargeable after a grace period of six months.

Youth Enterprise and Development Fund Chairman, Evans Gor Semelang’o said the fund wants to have the youth to unleash their potential and is making every move to clear unnecessary obstacles toward access to capital.

 The budgets for films submitted can be a minimum of Sh500,000 and a maximum of Sh25 million.

 This way, Semelang’o observed, both big feature films for experienced producers and short feature films would have a chance.

 “The loanees would have to up to six years to pay the full amount plus interest charged on reducing balance. The loan application is pretty easy he added.

Ready by June

 Semelang’o said the initial pilot would have up to 10 films and is projected to be ready by June next year. He noted that once one has a registered business, the story idea and script must be copyrighted first.

He explained this would offer safeguards for business guarantees, adding that Kenya Copyright Board is ready to help do this in the most expeditious fashion.

 He said any work submitted must be of original and must not have been copied from someone else or plagiarised.

 Semelang’o noted that since the loans are meant to create employment for the young people the shareholding of the production company must be 70 per cent youth.

 “The fund is available for all those who are 35 years of age and lower. However, the script must be submitted by an experienced producer,” he added.

 The producer must show evidence of experience in managing a production,” explained Semelang’o, saying this will guarantee high quality product that will be easily accepted in the market.

 He, however, said the producer would not submit application as an individual but as a business entity.

 According to part of the guides and regulations in the Vijanaa loans product handbook, the producer would submit applications as a business entity so the youth are being encouraged to form business entities.

The Chairman of the Vetting Committee Bob Nyanja said applicants must submit in writing a full story including the opening, body and the ending.

 “It should also include some key scenes and dialogue from the script and is written in prose and in the present tense. It should present the entire story,” he explained.