Youth entrepreneurs to benefit from $20m in grants

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 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 Ltd) $20,000 grant, of 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...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 and younger and will create spaces for them to run 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 had 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 and sewing coach of Taylor M Styles, won Innovative Entrepreneur; and Kinesha Sylvester, founder and managing director of The Fresh Press Factory, won the Female Entrepreneur Award.

Editorial consultant for Daily News Ltd Judy Raymond said special awards for women were still necessary because, although women were doing well in their fields, they accomplished in spite of, instead of because of, their circumstances.

“Outside as well as inside family they still have to fight antiquated beliefs and prejudices about their abilities and potential, the height of their heels and their hemlines, their ability to deal with stress, to do arithmetic, their physical and mental strength, their intellectual capacity, the way they should speak and behave, and a wide range of pressures to conform to restrictive gender roles or suffer dire consequences.

“As the theme of this year's awards points out, there are still barriers to be broken.

"NEDCO is perfectly placed to help address that balance and I hope it will continue with its programmes and plans to do so. The NEDCO National Entrepreneurship Award for a female entrepreneur is one progressive step which has been taken in that direction.”

NEDCO CEO Calvin Maurice said entrepreneurs were boundary-breakers and played a pivotal role in the nation's progress.

He described the 13 finalists as people who dared to dream, to challenge conventions, and to break through the barriers that stand in the way of progress.

“They challenge the status quo, they push limits, and they transform barriers into steppingstones. This evening, we celebrate the stories of those who refused to be confined by limitations, who chose to shatter ceilings, and who carved out new avenues of success for them and others.”

Maurice especially congratulated young entrepreneurs, “the true torch bearers of tomorrow.” He said over the past year, NEDCO received 141 loan applications from entrepreneurs aged 18-35. And of the 100-plus applications for this year’s awards, 31 were from youths.