CIBC FirstCaribbean supports local Youth Business

The St Vincent and the Grenadines Youth Business Trust has received its third and final tranche of funds under the present Memorandum of Understanding (MOU), between CIBC FirstCaribbean and the Caribbean Association of Youth Business Programmes.{{more}}

In 2008, CIBC FirstCaribbean and Youth Business International (YBI) signed their first MOU. It’s all part of CIBC FirstCaribbean’s commitment to fostering an entrepeneurial spirit among young people in the region, as a means of combatting youth poverty and unemployment. YBI was established by the Prince of Wales, UK, and has been responsible for delivering programmes in support of disadvantaged youth, enabling them to become entrepeneurs by providing business mentoring, start-up loan capital and business support.

The CIBC FirstCaribbean and YBI MOU, provides for disbursement by CIBC FirstCaribbean to Caribbean Youth Business Programmes. Country manager Elroy John recently presented the cheque of US$15,000.00 to the director of the

St Vincent and the Grenadines Youth Business Trust Kenrick Quashie. According to Quashie: “This funding from CIBC FirstCaribbean has positioned the trust to support and assist young people in business by providing start-up funds to those who would otherwise not be in a position to start their own business.”

Youth Business St Vincent and the Grenadines (YBSVG) was established to address the level of poverty, unemployment and underemployment among young people in St Vincent and the Grenadines, particularly disadvantaged youth. Through a programme of entrepreneurship, which provides support to young people aged 18-35, YBSVG aims to assist young entrepreneurs who have viable business ideas or exhibit the propensity for a particular discipline or skill, but lack the means to convert the same into a profitable venture.