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Volume No. 1 Issue No. 85 - Monday August 07, 2006 |
PM Skeritt makes available US $370 000 to Youth Business Trust
 Sean Douglas
Dominican youth have been urged to take advantage of the many opportunities available to them. That call came from Prime Minister and Minister for Finance and Planning, Hon. Roosevelt Skerrit, as he made available the sum of EC$1 million to the Dominica Youth Business Trust on Wednesday afternoon.
At a short ceremony described by Hon. Roosevelt Skerrit as an �important moment for young people�, the Dominican leader presented a cheque for $1 million to the Dominica Youth Business Trust, the first instalment of an expected $2 million from the Government of Dominica. It is expected that these funds will be used for training and skills development as well as to allow for an increase in the guarantee fund.
 In his remarks at the ceremony, Prime Minister Skerrit recalled the days when young people had difficulty in gaining finance from financial institutions.
�For several years, for decades we have been talking about young people unable to gain access to financing because they don�t have the necessary security or collateral. And governments come and governments go and the same perennial issues are raised.
�It was under this government that we finally, with the support of the Commonwealth Youth Programme, launched this Programme.
�And we have been able to see, two graduation ceremonies thus far with several young persons being part of the training as a sign and demonstration of their commitment and their seriousness and diligence and at the end of the day, having prepared a business proposal, with the support of the staff, can gain access to financing to start their small businesses and create employment for themselves and other persons.�
The Prime Minister urged young people to take advantage of the opportunities offered by the Dominica Youth Business Trust as well as other initiatives geared at empowering young people.
�Every year through the Youth Division, we train over 300 young Dominicans who in turn find gainful employment for themselves.
�The Young Farmers Programme for example, where we provide direct financial and technical assistance to young farmers and young people who are interested in going into agriculture.
�You talk about the Enterprise Development Fund, where young persons can gain access to funding, 50% grant and 50% loan to engage themselves in small business enterprises.�
Hon. Skerrit also spoke of the tremendous impact on Dominican youth of the attainment of Universal Secondary Education and the dozens of young persons who have benefited from the Youth Employment and Empowerment Programme.
In concluding his remarks, the Prime Minister said he was confident that the Programme of the Dominica Youth Business Trust would have an impact on unemployment among the youth.
The Dominica Youth Business Trust is a collaborative undertaking of the Government of Dominica through the Youth Division and the Commonwealth Youth Programme-Caribbean Centre. It is adapted from the Commonwealth Youth Credit Initiative (CYCI) model of the Commonwealth Youth Programme.
The Trust provides opportunities to young persons who have business ideas and want to start and operate their own business. The Trust provides guarantees to young persons between the ages of 16-35 who have no security. They are afforded the opportunity to acquire loans from the National Development Foundation of Dominica (NDFD), the AID Bank and the credit unions.
The Programme also involves training prior to the acquisition of loans which equips the young entrepreneur on the basics of operation and management and the preparation of business plans for their businesses.
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