HopeCore's Remarkable Impact on Combating Youth Unemployment
Unemployment remains a significant challenge in Kenya, with approximately 2.89 million unemployed Kenyans - and more than half of them between the ages of 20 to 29. Through its Micro Enterprise program, HopeCore has been instrumental in funding youth-led projects to address the youth unemployment crisis.
Take, for example, the Kiarugu Filling Station project, which HopeCore funded in April 2022, and is driven by 25 determined young entrepreneurs from the Kiarugu Bodaboda Operators Self-Help Group. These enterprising individuals operate motorbike businesses, providing essential transportation and delivery services to their community. Before receiving a loan of over Kshs 1 million (approximately $660) from HopeCore's Micro Enterprise program, these young entrepreneurs underwent business training and road safety programs to ensure the success of this Filling Station project.
The Kiarugu Filling Station project did more than just create job opportunities for local youth, it also became a beacon of hope in their community. Thanks to their outstanding organizational skills and responsible management, these entrepreneurs caught the attention of the county government, which recognized their potential. The county government provided valuable resources to support this project, including free tanks, tree seedlings, and banana seedlings for each member, and Kshs 100,000 to expand their fuel stock.
What sets the Kiarugu Bodaboda group apart is their financial discipline, consistently making their loan payments until they paid off their loan in just a year and a half. This level of financial responsibility is impressive, especially as young entrepreneurs are considered high-risk by traditional lending institutions.
The members of this entrepreneurial group are now working on acquiring individual business loans from HopeCore to start or expand their businesses, further contributing to their financial impact in their community.
Building on the success of the Kiarugu Filling Station, HopeCore recently extended its support to the Nguruki Bodaboda Self-Help Group of 20 members, with a Ksh 1.6 million business loan and filling station operation training. Recent high-school graduates, these individuals have demonstrated excellent organization and management skills.
Within two weeks of operation, the Nguruki Filling Station has already begun to make a significant impact. They've attracted a steady stream of customers, selling an average of 300 liters of petrol weekly. They've also created job opportunities for other youths in their community by hiring an attendant and a watchman.
HopeCore's efforts are inspiring and show what can be achieved when dedicated young entrepreneurs have the support and resources they need. The stories of the Kiarugu and Nguruki Filling Stations serve as a beacon of hope for Kenya's youth, combating unemployment and building a prosperous future.
