Most youth who've ever tried to access start up capital or even expansion capital for their businesses from the conventional sources like banks and other lending institutions can tell you that it's no easy feat. That's where a program that had its beginning as a pilot project back in 2005 comes it. It's called the Youth Business Trust Belize and it's geared at just such young entrepreneurs who would not ordinarily have a chance at accessing finance through the ordinary institutions. Project Coordinator Dionne Miranda explains that all you need to be to qualify for a loan from the YBTB is to be between the ages of 18 and 35 and have a drive to becoming a business owner.
Dionne Mirana, YBTB
"The trust offers three different components. The first one is micro financing because a lot of young people can't get loan from the general banking environment due to the fact that they don't have collateral or security. We provide unsecured micro funding. The second thing we provide is business support services to help them establish the business, help it to grow, develop. Many people need packaging ideas, marketing, promotion, and these different areas. And the final component that we offer is mentoring where we ask that the private sector actually becomes really corporate and socially responsible by providing their own special time and expertise. It is a challenge for organizations within Belize who are trying to do this kind of work."
The program is supported by the Inter-American Development Bank and can lend individuals anywhere between $500 and $10,000. Their offices are located at the corner of Prince and Albert Streets.
