A start for young entrepreneurs

The Guyana Youth Business Trust (GYBT) provides loans and timely training to young entrepreneurs, aiming to support their innovation in the business community.
GYBT is a non-governmental organisation that assists and develops entrepreneurs among young adults, (ages 18 to 35) particularly those without access to traditional financing, by providing start-up loans for micro and small-businesses without the need for collateral or guarantors. Along with loans, mentoring, business advice and training are provided.

The organization hopes to develop and promote youth entrepreneurship as a sustainable mechanism to overcome unemployment or underemployment by disadvantaged youth; to support young entrepreneurs in the establishment and growth of enterprises to create jobs for the owners and others; share GYBT’s experience, skills and financial resources at the level of the individual to encourage achievement in business,; and partner young entrepreneurs with a mentor to act as coach, counsellor, guide and friend, to encourage, give advice, share experiences and professional expertise.
The trust improves and extends its way of dealing with young clients by creating partnerships with the business community and provides training in entrepreneurship development, business finance and marketing.
GYBT was established in February 2000 by the Institute of Private Enterprise Development (IPED) and has financed the start-up of youth-owned enterprises involved in agriculture, farming, food processing, fishing, agro-processing, furniture manufacturing, beauty salons, barber shops, workshops, computer services, transportation, entertainment, garment manufacture, craft manufacture, tourism and other areas.
In March 2007, GYBT signed an agreement with the IDB to execute a project to develop young entrepreneurs in Guyana. This project is strengthening the GYBT’s existing entrepreneurship development efforts with an emphasis on mentoring, training and collateral-free loans.

“Many persons rush into a business because they see someone else doing it. However, there are key elements that they would need to learn that we offer in the training. For instance, marketing is a key factor in business. Many entrepreneurs do not see the value for this element but exposure in the informative classes clears these misconceptions,” explained GYBT Public Relations Consultant Michelle Henry in an interview with Guyana Times Sunday Magazine.
GYBT’s training courses include entrepreneurial training, which teaches skills in making a business successful, leadership and management, marketing, customer relations and management, legal requirements for establishing a business, record keeping and, business planning.
The courses are taught in six sessions of three hours each. The sessions are normally on Mondays, Wednesdays and Fridays, during a two-week period. The courses are free of charge to prospective loan grantees.
Henry revealed that the GYBT plans to establish a resource centre that ideally, would be used by GYBT’s entrepreneurs and anyone who intends to be a young entrepreneur with the organization.
Visit GYBT on Facebook for further information, or call 225-8949. (Guyana Times Sunday Magazine)