Young Entrepreneurs Programme in Jamaica

YEP, you can!

Many Jamaican companies have carried out downsizing and redundancy exercises. Jamaican youth, as a result, have found it increasingly difficult to access jobs when they graduate from secondary and tertiary educational institutions. Within Government's YEP programme, JA$200 million will be allocated as loans for graduates with viable business ideas


By RUTH HOWARD
from St. Mary, JAMAICA, WEST INDIES


"Yep, you can!" That is the slogan for the latest effort by the Jamaican government to empower its youth. The Young Entrepreneurs Programme (YEP) was announced by Prime Minister Bruce Golding during the National 2009/2010 Budget Debates, as an initiative intended to provide funding and training for secondary and tertiary school-leavers who want to start their own businesses.

This initiative comes in the midst of a world economic crisis and global recession described by the International Monetary Fund (IMF) as the worst since the Great Depression following World War II in the 1930s. The Statistical Institute of Jamaica (STATIN) documented an unemployment rate of 10.3% in the country as of October 2008. Since that time, and especially since the global economic downturn, many Jamaican companies have carried out downsizing and redundancy exercises. Jamaican youth, as a result, have found it increasingly difficult to access jobs when they graduate from secondary and tertiary educational institutions.

During his announcement, Prime Minister Golding explained that this was one of the main reasons for YEP's creation. He said that 39,000 students graduate from high schools across the nation annually. Of this figure, approximately 14,000 will go on to higher education, and another small percentage will manage to find meaningful employment. The remaining 25,000 will be unemployed, with very little opportunities for development or advancement. YEP is intended to engage this group in entrepreneurial efforts that will assist them to create their own job opportunities and also contribute to the nation's development.

The Jamaican government has allocated JA$200 million for loans that will be made available to YEP participants with viable business ideas. According to the official YEP website, candidates must "demonstrate strong entrepreneurial spirit and drive" in order to be eligible for loans. They must also be recommended by their schools, and attend a series of workshops hosted by different organizations working in collaboration with the government. The workshops will teach participants the essentials of small business management, and also help them to determine the direction their businesses ought to take.

YEP is just one of the many youth empowerment initiatives that the Jamaican government plans to implement in the upcoming years. In the National 2009/2010 Budget Debate, Prime Minister Golding announced that JA$186.3 million was set aside specially for programmes intended to enhance the development of Jamaica's youth.

Many Jamaican youngsters see YEP as an opportunity to expand their horizons and realize their dreams. The Jamaica Information Service (JIS) quotes one young man who participated in the YEP workshop in Ocho Rios, St. Ann saying: "I think as young persons we will be able to leave from here inspired to build Jamaica, because step by step, we can achieve our goals." His response reflects the overall mood of participants who left the workshops islandwide with the strong conviction that "yep, you can!


(Published: 18.07.2009.)