Youth Businesses to Receive Boost

Date Published: 
Tuesday, January 25, 2011

Young people who have bright business ideas but no start up money can now benefit from the Jamaica Youth Business Trust (JYBT). A Memorandum of Understanding between the Government of Jamaica and the JYBT was signed on October 26, 2010, which will make $19million available for loan disbursement. The loan will be made available to youth who are interested in setting up business in the areas of: Information Communication Technology (ICT), Agro-Processing, Light Manufacturing and Services.

The MOU seeks to increase the number of Jamaican youth having access to financing for business ventures and also increase the number of sustainable youth businesses, through careful assessment of proposals and effective monitoring and evaluation of projects. It also seeks to create awareness of the financing opportunities available through the JYBT, especially to rural youth.

To access the fund, a young person will have to write a detailed business proposal which will be reviewed. If this proposal is accepted, the young person will go through an interviewing process. The individual will then be given his loan disbursement and will be monitored by the JYBT and the NCYD.

The NCYD and its Youth Information Centres will be responsible for undertaking the loan disbursement to young people, as well as public education, project implementation and promotional activities of the JYBT.