Feature Address delivered by Sean B. Francis, Chief Executive Officer of Ferreira Optical Limited at YBTT's third annual symposium on youth entrepreneurship
Remarks by Carl A. Francis Permanent Secretary
YBTT BIZ OUTREACH
"Connecting YBTT with our communities"
YBTT BIZ OUTREACH is a programme designed to expand the work of YBTT of developing young entrepreneurs by partnering with community groups (CG’s). These include non-governmental organizations (NGO’s), Community Based Organizations (CBO’s) and Faith Based Organizations (FBO’s). Through YBTT BIZ OUTREACH community groups will become actively involved in starting young persons on their entrepreneurship journey.
Participation in the first phase will be limited to CG’s and NGO’s registered with the Ministry of Community Development. All FBO’s are encouraged to participate.
YBTT BIZ OUTREACH allows community groups to identify potential young entrepreneurs needing financial and mentoring assistance in their respective communities. Representatives of these CG’s conduct interviews and assist the potential entrepreneur with fulfilling project requirements as advised by YBTT. The CG then makes arrangements to assist the young person with the preparation of his/her Business Plan (BP). (Alternatively, the CG may send this person to one of YBTT’s monthly Business Planning sessions where the BP can be completed). The CG then completes a Recommendation Form signed by their designated representative. The Form and the Business Plan are given to the entrepreneur who makes an appointment to visit YBTT for registering a loan application. Although registering an application does not guarantee loan approval, once the guidelines for applicant/ project selection, and Business Plan preparation are followed the chances of receiving funding are greatly improved. Once the loan is approved and all loan conditions have been met, the first loan disbursement will take place in the local community with the CG that made the recommendation.
Once a relationship is established and a Memorandum of Understanding has been signed with a CG, the programme is evaluated after three months. Improvements are discussed and implemented allowing a second evaluation after six months. Thereafter evaluation of the programme is done annually.
If your community group is interested in being a part of YBTT BIZ OUTREACH or requires further information, contact us for your information and registration package.