#CIBC #FirstCaribbean pledges continued support for #Caribbean #Youth #Business Programmes
Five young entrepreneurs will be receiving funding to get their businesses off the ground and budding entrepreneurs from St. Kitts will soon have their very own youth business trust to assist them in establishing sound business ventures.
These are just some of the benefits that will accrue following the recent presentation of the second tranche of funds under the Memorandum Of Understanding between CIBC FirstCaribbean and the Caribbean Association of Youth Business Programmes.
Danny Farmer, Managing Director of CIBC FirstCaribbean Barbados, made a presentation of funds donated under the programme to Executive Director of the Barbados Youth Business Trust (BYBT), Ms. Marcia Brandon, at the Warrens, St. Michael, Head Offices of CIBC FirstCaribbean International Bank.
Reflecting on the partnership, Ms. Brandon noted that CIBC FirstCaribbean was making a significant regional impact as it was not just the BYBT benefitting, but the entire Caribbean group of youth business trusts, a total of nine trusts supported in countries where CIBC FirstCaribbean operates throughout the region.
“We have St. Kitts just about to establish a youth business trust, and some of this funding will be used to travel to St. Kitts to help them; it will also be used here in Barbados to make sure that we establish at least five new businesses for young people who are now waiting. They have business mentors already; they are receiving training and being exposed to different marketing strategies, but they are waiting on the funding,” Ms. Brandon said.
Thanking the bank for the vision demonstrated in its support of the business trusts throughout the region, she said the impact was indeed significant. “Our young people in the region have benefited tremendously from this support. The business mentors have benefited, and also the Managers of the Youth Business Trusts. We at BYBT, being the lead trust and the best practice example for the region, have been able to share our knowledge with them, and we have learnt from them as well; but we have also been able to guide and monitor them and help them to put best practices in place, to help to build their institutions and their skills and all that was done through CIBC FirstCaribbean International Bank.”
Commenting on the bank’s involvement, Mr. Farmer said CIBC FirstCaribbean saw its support of agencies such as BYBT as a very important aspect of the bank’s mandate. He noted that it was support for areas such as small business, including mirco enterprises, that would help regional jurisdictions to grow and go to the next stage in the development of their economies their economies.
“In supporting these agencies we are actually providing opportunities for young people to then find other avenues that they are not finding in the tradtional workforce. So starting their own businesses and going off on their own gives them an opportunity to try and further themselves. This is one of the reasons why we are very big supporters of this and why we have dedicated ourselves to it, not only over the past three years, but are also dedicated for the next three, through this new MOU,” Mr. Farmer said.
The CIBC FirstCaribbean CEO added he was very pleased to see the production by the BYBT of a resource guide for young entrepreneurs which lists a network of business and entrepreneurship development organizations. He praised the BYBT’s vision of having these organizations work collectively to assist in providing a solution for entrepreneurial development.
Originally signed on May, 2011 at the CIBC FirstCaribbean Head Office at Warrens, the current MOU was designed to run for three years from 2011 to 2013 and is provides US $340,000 in financial support to the Caribbean Group of Youth Business Programmes.