SVGYBT Launched

Dannol Charles is the first recipient of a collateral free loan from the St. Vincent and the Grenadines Youth Business Trust (SVGYBT). Charles was announced as the recipient of the loan during the launch of the SVGYBT at the Rooftop Bar and Grill on Tuesday, March 30, 2010.{{more}}

The SVGYBT was established to reduce poverty through an entrepreneurship programme that offers mentorship as well as loan financing to young people between the ages of 18-25. Charles, a twenty-four year old farmer, was granted a loan of $16,000 to start his own business. He will be guided under the mentorship of businessman Keith Howard.

The event also featured remarks from several stakeholders of the trust, as well as a representative of the Barbados Youth Business Trust.

Feature speaker at the event, executive director of the Barbados Youth Business Trust Marcia Brandon offered strategies for sustainable development of the trust based on her experience with the BYBT. Brandon touched on topics including the importance of training with a vision in mind, mentorship and partnership.

Brandon, discussing training, stated that young persons need to be trained not just for the sake of training but with the intention to use the training wisely. She added that too often young people are trained for long periods of time with no follow up opportunities to use the training. This, she says, “helps to kill their dream, frustrate their efforts and demotivate their aspirations.”

Brandon also pointed out the importance of mentors in the business trust whose purpose is to assist the young entrepreneur. Described by Brandon as a critical part of the programme, she added that mentors must be committed to the ones they are mentoring in order to have a positive outcome.

The importance of partnership was also highlighted as support from businesses is needed for the trust to succeed. Brandon stated that a business trust cannot operate in isolation. Similar to the trust in Barbados, she added that the government and the corporate sector involvement will be needed.

She also urged the SVGYBT to make persons aware of their efforts which will help in bringing more persons on board.

The ceremony included remarks from Senator Cecil Mckie from the Ministry of Youth and Sports, Senior Vice President of the Chamber of Industry and Commerce Andrew Woodroffe, Chair of the SVGYBT Kyron Barker, and Representative of the Caribbean Development Bank Lisa Harding. Six mentors who are currently being trained to assist young entrepreneurs were also introduced to the guests at the ceremony.