Government launches 5 million dollar programme targeting youth

Thursday, February 25, 2010 – The government of Saint Lucia has taken another major step towards developing the business ideas of the nation's youth with the launch of the Youth Enterprise Equity Fund under the auspices of the Saint Lucia Development Bank (SLDB).

The Youth Enterprise Equity Fund, launched on Wednesday, 24^th of February, is designed to provide young entrepreneurs with the technical support and start-up capital to develop successful enterprises.

Managing Director of the SLDB, Mr Jean François Sonson says, the fund will help stimulate economic activity in the country while addressing the problem of youth unemployment.

“We need somebody to establish confidence in our young people to give them a chance to become involved in the growth and development of our economy. After all, they are the future entrepreneurs of Saint Lucia, so we believe as a development bank it is critical that we give theses individuals a chance.”

Mr Sonson says the SLDB will provide a maximum of fifty thousand dollars to young entrepreneurs whose business ideas meet the required bench marks.

He says the bank will invest in any one business for a maximum of seven years.

“The youth enterprise equity fund will look at projects in all sectors that the bank finances—agriculture, tourism and manufacturing—so any potential business idea that is viable and the individual has the skills, ambition, and determination to make the idea work, will receive support from the bank.”

The Youth Enterprise Equity Fund—that government has allocated EC$5 million towards—targets young people between the ages of 18 – 35 years.

Wednesday's launch coincided with the one year anniversary of the reopening of the Saint Lucia Development Bank.

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