By Monique Washington
Plans to fund five new businesses owned and operated by 18- to 35-year-old entrepreneurs have been announced on Nevis by the Department of Youth and Sports, which will be funded by the Sugar Industry Diversification Foundation (SIDF). “Empowering Young Entrepreneurs (EYE)” is an effort to end youth unemployment on the island.
SIDF will be fund the programwith almost $750,000.Fifteen18- to 35-years-oldentrepreneurs will compete in teams of three. The winnerswill have an opportunity to start their own business with a $75,000 business loan at zero percent interest and a monthly stipend of $2,000 in the first year.
Speaking with the Observer on Wednesday,Stephan Joseph, who is spear-heading the projectexplained its importance.
“Youth unemployment is a major issue here in the Federation as well as regionally and internationally,” Joseph explained.“We see that because of unemployment we have an increase in crime and violence. One way that we can fix this issue is by creating employment through entrepreneurship.”
Joseph outlined the steps to applicants will have to take.
“First,all applicants must return the application form and authorization form along with a summary of their project and what it is about,” Joseph said. “Second, they will have to present a project sales pitch to a five member board of administrators. Third, the board will select the five best projects to be funded.”
“Once selected, team-members are trained in business management, finance and management principles,” said Joseph.“After all of this is completed and the businesses are ready to be started, a mentor will be assigned.”
Joseph said a monthly stipend has been added to help financially aid the new entrepreneurs.
“Sometimes getting your business off the ground can be very difficult,” Joseph explained.“We have added a monthly stipend to the employees of the business and it will last up to one year. This is totally separate from the business loan.”
According to Joseph, even though the program has been launched, not deadline date has been set.
“Because we are targeting youth, some of them are still in school and currently sitting exams so we don’t want to put them under any other stress,” Joseph said.
At the launch on Friday in Charlestown,Jr. Minister in Youth and Sports Hon. Hazel Brandy Williams told the youths that the project “will give you young people the opportunity to spread your wings, soar and be as creative and innovative as you can with far fewer limitations.”
“You have the power to change the way we view business and how we implement them,” she said.
“Nevisian youths lead, not tomorrow but today.
