First Caribbean And CYBT Fill The Financing Gap For Caribbean Youth Entrepreneurs

First Caribbean International Bank and Youth Business International, under the administrative body of the Caribbean Group of Youth Business Programmes (CGYBP) have embarked on a partnership that will make funding available for start-up businesses by youth entrepreneurs in the Caribbean.

The Caribbean Group of Youth Business Programmes (CGYBP) is a group of not- for- profit/registered charities focused on alleviating youth poverty/youth unemployment through entrepreneurship development. Youth Business International (YBI), established by The Prince of Wales Trust in the UK, has been responsible for the delivery of programmes in support of disadvantaged young people between the ages of 18 and 35, enabling them to become entrepreneurs through the provision of business mentoring and start-up loan capital and business support. Programmes currently operate in Barbados, Trinidad & Tobago, Jamaica, Guyana and Belize, however it is envisaged that the programme will be widened to encompass other territories within the O.E.C.S and the Northern Caribbean.

"In that respect, Saint Lucia has the privilege of blazing the trail for the expansion of the CYBT in the OECS. Thus the Saint Lucia First Caribbean International Bank operation is immensely pleased that we are facilitating this pioneer status for the Saint Lucia Chapter," said Mauricia Thomas-Francis, Country Manager and Head of Corporate Banking in Saint Lucia. 

First Caribbean will make a grant of USD $340,000 to the Caribbean Youth Business Programmes through the FirstCaribbean International Comtrust Foundation. Funds will be allocated to the Caribbean YBPs individually according to their country's economic realities, to be disbursed through the Chambers of Commerce in these countries. The Bank has also committed to providing volunteer business mentors and make allowances within the Fund for Trust's capacity building/training & development; marketing and networking and other business support for young entrepreneurs.

"30% of First Caribbean's funding will go towards capacity building/business support. This support includes training in business practices, marketing, and mentoring of the young business people.  70% will go towards helping young unemployed men and women start their own businesses.  Persons, who have been nurtured by BYBT, will be recommended to First Caribbean as "bank of choice" for expansion & growth support," the Country Manager said.

Designed by the Corporate Banking Division of the Bank, the arrangement constitutes a three year commitment by the Bank to the Caribbean Group of Youth Business Trusts. Each of the Youth Business Trusts across the region is accredited members of Youth Business International, which advocates Social & Economic programmes based on sustainability and strong partnerships.

The first year's allocation of USD15, 000 was handed over this morning to the Saint Lucia Chamber of Commerce and Industry.  In accepting the disbursement, Chamber Director Brian Louisy commended the Bank for the initiative lauding it as a business approach with a targeted social focus.

"First Caribbean has shown itself sensitised and responsive to what the region needs at this time. It is important that our lenders communicate a willingness to partner with those that are entrepreneurially minded, and to show confidence in the youth and importantly to promote the idea that young people should aspire to become employers rather than employees."