In the next fiscal year, the Government plans to distribute $20 million in grants to people hoping to start businesses as well as open a business park from which youths can operate their businesses.
Minister of Youth Development and National Service Foster Cummings made the announcement during the feature address at the second annual NEDCO National Entrepreneurship Awards which was held at the Hyatt Regency, Port of Spain on Saturday night.
Its theme was Breaking Barriers.
He said the Government recently approved the NEDCO (National Entrepreneurship Development Company Limited) $20,000 grant in which 60 per cent of the small and micro business grants would be reserved for youths.
"So in the next fiscal year we are going to be spending upwards of $20 million, touching the lives of 1,000 persons who have an idea. You've trained, you want to get into business, you may not be able to, on the first take, take a loan, like myself with the lingerie store, and you can now access this grant that you will not have to pay back."
In response to questions from Newsday he further explained the grant was approved by Cabinet in July and the 60 per cent focus on youth was to encourage young people to consider entrepreneurship as a career choice.
“Grant recipients will be required to undergo a three-week training with NEDCO. On completion of the training, applicants will be assigned a business adviser for a period of 18 months. The NEDCO training and mentorship will give that additional support to help ensure the success and sustainability of the start-ups.”
The new business park will also be geared towards people 35-years-old and younger and will create spaces for them to operate and expand their businesses. Both programmes will be managed by NEDCO.
In his address, Cummings said he had been an entrepreneur for most of his life and he had some failures but learned many lessons from them. He told youths they may not be successful in their first or second ventures but, if they really want it and persevere, they would take the criticisms and challenges in stride and be successful.
"You're creating, you're contributing to the economy, you are creating jobs, you are expanding your reach, you are touching the lives of people and you are setting an example for others who will be looking on."
He said for too long the education system has pushed students to do well to get a good job and it was time for them to do well so they could open their own businesses and employ others.
He praised many of the country’s tertiary education stakeholders for offering programmes that would prepare people to be entrepreneurs.
Cummings then presented the award to the 2023 Youth Entrepreneur Award winner, Jamal Adrian Singh, CEO of Young Vibe Retailers.
Candace McKnight Greenidge, founder of Cherish Nature by Candy's Naturals won NEDCO Client Entrepreneur; Dareem Jeffrey, owner and managing director of EcoWash won the Green Award; Agyei Archer, CEO of Unqueue and PGS won Technology-Driven Entrepreneur; Adana Taylor, fashion designer
