2009-07-23

Young Entrepreneurs Programme (YEP) Orientation Session Ends

Phase one of the Young Entrepreneurs Programme (YEP) has ended following five weeks of orientation sessions island wide, with approximately 1000 school leavers establishing interest to participate in the programme.

YEP, a social safety initiative announced by the Honourable Prime Minister in his 2009/10 Budget Presentation, is aimed at ensuring that 2009 school leavers of high schools and tertiary institutions, who are interested in starting their own businesses, are exposed to training, have access to funding and are provided with post-loan support services. Under the programme $200 million will be on-lent to micro finance institutions by the Development Bank of Jamaica who manages the project.

As a prelude to their application for credit, the YEP has a series of training and support initiatives intended to increase the likelihood of the young entrepreneur's ability to access funding and manage a successful enterprise.

The first of these, Module One, was a series of orientation sessions held islandwide. "Orientations sessions began in the Kingston Metropolitan Area on June 17th and at that time we had anticipated that some 2000 graduates/school leavers would attend the orientation sessions", explained Clive Grossett, Manager, Entrepreneurial Services at HEART Trust.

"We have had to cancel orientation in Manchester because of the ban as a result of the HINI. However, a new date has been arrived at and orientation for Manchester will now be held on Friday, July 24 in two locations: at the Mandeville VTDI Campus, 26 Grove Road; and at the Holmwood Technical High School in Christiana", Mr. Grossett said.

"We are encouraged and pleased with attendance in some locations", said Harold Davis, Executive Director of JBDC. "Approximately 130 participants attended the session at the HEART Academy in Runaway Bay; and 150 at the HEART Academy in Half Way Tree". Attendance in St. James; Westmoreland was less than desired. To this end, we are moving to hold regional sessions in late August to ensure that all school leavers who missed the first set of orientations will have another chance to ''get on board'.

Currently we are contacting candidates who will move on to Module 2; which is a three-day workshop. This is where participants who are really interested in starting their own businesses and who have the true entrepreneurial spirit will be exposed to training in managing and running an enterprise. The sessions commenced on July 15th in the KMA and then will be rolled out across the island over the next four weeks.

Under the Young Entrepreneurs Programme a successful candidate who has been through all Modules of the Programme will be able to access up $100,000 to start their own micro business. Loans are to be accessed through any of four micro finance institutions island-wide; Access Financial Services; JN Small Business Loans Limited; Micro Credit Limited and NationGrowth Micro Fiannce Limited. Interest rate on the loan is set at 10 percent on the reducing balance.