A Few Words
About YESS Fund
Background
Young entrepreneurs and startups often face challenges accessing traditional financing due to their limited experience and assets. Financial institutions view them as high-risk, even for relatively small investments. Additionally, they may be too small to attract angel investors and venture capitalists.
To address this issue, both governments and the private sector should establish alternative mechanisms and institutions to provide young entrepreneurs with the necessary capital for business growth. Access to affordable financing is crucial for fostering stable economies and promoting social mobility.
In 2019, GCYE initiated a stakeholder consultation to explore innovative ways of creating a dependable and sustainable funding source for young entrepreneurs and startups. In 2021, stakeholders introduced the Young Entrepreneurs and Startup Support Fund (YESS Fund), recognizing the importance of peer-to-peer fundraising as the future of fundraising.
YESS Fund is an entrepreneur-to-entrepreneur (peer-to-peer) revolving fund utilising crowdfunding to create a pool of funds from amongst its members for its members.
With Administrative support from the Ghana Chamber of Young Entrepreneurs (GCYE), The fund is set up and controlled by young entrepreneurs using a Bank of Ghana third-party-approved mobile App called Chango.
Members have access to varied benefits, including; access to cheap interest loans with no collateral or paperwork, Free Business, Legal Advisory, Emergency Travel coverage, Purchase order Power, and many other benefits.
Frequently Asked Questions
What is YESS Fund?
The YESS Fund is a platform created by Ghanaian young entrepreneurs where they can contribute to and borrow from
Who can sign up to YESS Fund?
Entrepreneurs with existing businesses, potential entrepreneurs.
How do I join YESS Fund
To join, follow the steps below:
- On the Home Page, click on the Register button.
- Fill in the membership form.
- Read the Terms and Conditions and check the box to agree, and then submit
- Proceed to pay your registration fee, and you are good to go.
What are a Membership Fees?
Membership Fees is a non-refundable payment made by a member upon signing up to the YESS Fund community.
Why do I have to pay the non-refundable Membership Fees?
The Membership Fees completes your sign-up process and confirms that you have become a member. This non-refundable tangible amount serves as a bond on the platform in terms of your behavior and transactions.
How do I fund my YESS Fund account?
Your YESS Fund account is funded weekly by you. In future, will be automated so the debit will be done automatically from the payment medium you provided during the registration stage. You may also wish to pay upfront for instance; a month, six months or even a year savings so as to avoid default on your savings.
What is MCP
MCP stands for Member Contribution PIN. This is the unique identification number of each Member issued after signing up on the platform. It is used for transactions on the platform and to second other members loan applications. It will also be required to access other benefits on the platform
Can I have multiple YESS Fund accounts?
Yes. Your savings power and objectives determine the number of accounts you choose to open. You will be provided with different MCPs for each of the accounts.
Do I get interest on my contribution?
YESS Fund is a non-interest platform.
How do I renew the non-refundable Annual Membership Fees?
The Annual Membership fee can be renewed by automatic deduction from your total contribution or manual payment by the member.
At the time of CASHOUT, every member who clicks the CASHOUT button will be automatically registered for the following year. The Membership Fee based on the Member plan will be deducted from the Total Contributions while the remaining balance is paid during cash out.