Helping young business owners
The Caribbean is even closer to fostering an entrepreneurial spirit among the region’s young people through CIBC FirstCaribbean International Bank’s renewal of its partnership with a regional youth entrepreneurship organisation.
CIBC FirstCaribbean and the Caribbean Centre of Excellence of Youth Entrepreneurship recently entered into a new Memorandum of Understanding to continue their successful strategic partnership. The MOU solidifies the bank’s commitment to work with the CEYE on entrepreneurial development to inspire creativity and innovation, build independence, create jobs and generate wealth. The project targets young males and females and ultimately seeks to improve their livelihoods and the future for Caribbean youth.
CIBC FirstCaribbean is making available grant funding of US $200,000 over the two years of the partnership. In addition Youth Business Trusts/Youth Entrepreneurship Organisations will receive US $120,000.
The funds will be used to help start up new youth entrepreneurship organisations in the Bahamas and St. Kitts and Nevis, as well as, for the first time, support an already existing YEO in St. Vincent and the Grenadines. The funding will also be used to continue ongoing development of the youth entrepreneurship programmes in Antigua, Barbados, St. Lucia, St. Vincent and the Grenadines, Dominica, Trinidad and Tobago, and Jamaica. Additionally, the CEYE will also use part of the funds for capacity development, quality control, and monitoring and evaluation.
The CEYE evolved out increasing requests from CARICOM countries for help from the Barbados Youth Business Trust. Managing Director, Marcia Brandon in thanking the bank said, “We are extremely grateful to CIBC FirstCaribbean for their vision and commitment to regional sustainable development, which is what continuing this well-needed partnership contributes to.