Thirty-nine (39) young Saint Lucians are now further empowered to propel their business thanks to the Youth Economy Agency (YEA). During a brief ceremony on Wednesday 24th May, 2023 the Agency disbursed funds for 39 new grant recipients at its offices on Chaussee Road in Castries. A total of $66,558.02 was handed over to the young entrepreneurs, who were addressed by YEA Chairperson, Mr. Thomas Leonce, and Business Development Officer, Mrs. Ginel Mondesir, as well as hearing from some of their fellow recipients.
According to Mr. Leonce, Wednesday's ceremony was noteworthy not only because it represented the largest disbursement to date, but also because it showcased several different business categories, as well as entrepreneurs from across the island's length and breadth.
"I think we took quite a leap today,' he said. "We started off a bit slow, I think we're running a 400m race, you know. So, we've had two batches of disbursements so far, the first one 11 disbursements, the second one also 11. But today we did 39. That makes me very happy, it suggests we are progressing and moving at a faster pace than before. But what I was also happy about was the range of businesses that were supported. There were businesses involved in cosmetology, beauticians, spas, maritime services, quite a range, marketing, shipping, fitness, elderly care, event planning, food and beverage, restaurants and bars, and what have you. So that is what really excited me. And what gave me pleasure as well, they came from across the island, from as far as Soufriere, a few from Dennery, so the geographical spread is good., It means we are touching a number of areas simultaneously, and a number of industries simultaneously.”
Mr. Jurgen Montoute, the proprietor of Horizon Waves Water Sports and Charters, insists that the YEA grant will be very impactful for his business. He will be using the money to purchase more equipment, to hire additional operators, and to provide training and certification for his team. The Gros Islet native says the existence of the Youth Economy Agency has increased his level of confidence in the business climate.
"I would definitely say that it has. Whenever you ask entrepreneurs in Saint Lucia what's one of the main challenges they are facing, all of them will tell you access to finance. Whether that be a small business or a large business, everybody says access to financing is one of their biggest challenges. And I would say the youth economy directly addresses that gap. So, you know, I'm definitely confident, and I would like to see the initiative to continue and to grow as well."
Miss Cassie Emmanuel, founder and manager of AdRight Media, a digital marketing brand that caters to small businesses, will be expanding her business by acquiring a new workstation, camera, recording and storage devices. She says that the extension of funding from the agency, which has only been in operation since March, is a testament to how valued the recipients are.
"This grant is not just an investment made towards your business, but it is an investment made towards our future and self-sustainability. The YEA makes us young entrepreneurs hopeful, so we know that we can get the support we need through mentorship, the training that we require through the skills and training programmes, and we have a dependable body that believes in us, that can support, encourage, and contribute to us being self-employed."
YEA has now provided grants to 61 young Saint Lucians, in addition to furnishing training for 100 emerging business owners. Several of the agency's recipients have been among those undergoing training over the past three weeks with the support of the Taiwan Technical Mission. YEA has also opened a call for mentorship, with potential mentors able to sign up via youtheconomy.lc, and in coming weeks, young entrepreneurs across the island will have the opportunity to interact with one another, and with more experienced businesspersons, in a series of business mixers.
The offices of the Youth Economy Agency received a visit on Thursday, May 4th, 2023, from a contingent representing the International Cooperation and Development Fund (Taiwan ICDF). Led by H.E. Timothy T. Y. Hsiang, Secretary General of Taiwan ICDF, and accompanied by H.E. Peter C.Y. Chen, Ambassador of the Republic of China (Taiwan) to Saint Lucia, the 16-member team paid an official call to the YEA offices to assess the work being done by the recently launched organisation. The Republic of China (Taiwan) has been one of the principal partners of the Government of Saint Lucia in establishing the agency, which seeks to provide training and financial support for Saint Lucian entrepreneurs between the ages of 15 and 35.
Mrs. Ginel Mondesir, the Business Development Officer at YEA, gave an overview of some of the work that has been achieved by the agency to date. She said:
"We have received over 357 grant applicants, and 109 loan applicants, and counting. We have assisted 22 young entrepreneurs with grant funding to help in the growth and development of their small businesses. We have provided funding to businesses in various sectors including Agriculture, Food and Beverage, Fashion, Health & Wellness, and Manufacturing. The list of applicants grows daily, as our young people are hearing that an organization is here that is tailored just for them."
YEA has had over 500 walk-ins at its offices in the space of less than four weeks. The agency's website has had over 13,000 hits since being launched in early March. And more than 400 applications were fielded for the organisation's first training exercise, which is currently underway. 100 budding entrepreneurs are undertaking a four-week business planning course, resulting from a Memorandum Of Understanding between YEA and the Taiwan Technical Mission.
Ambassador Hsiang expressed his confidence that YEA would reap benefits for the nation's youth, and for the economy as a whole. He said:
"Our foreign aid, mainly, is capacity building. This agency [YEA] exists for capacity building for the youth. So today I am happy to have taken this opportunity to come here to witness the establishment of this agency, and to follow your Government's policy to nurturing youth for their development. What I heard earlier today, the numbers, and the interest of the youth, certainly I believe this is going to be a very successful project. And I also believe it is going to support the development of Saint Lucia. I am also happy because ICDF is the implementer of these projects. And of course we have done part of it under the guidance of our embassy."
Members of the visiting delegation were presented with gift bags, including items produced by YEA grant recipients. Mr. Riad James is the owner of D'Lokal Bites, and his chips and salsa are made with local produce. Grant funding from YEA assisted him in the purchase of two storage freezers. Mrs. Vana Sonson produced customized dominoes for the visit of the Taiwanese team, with grant funding from YEA helping her acquire raw materials. Mr. Kayode James operates a local manufacturing business, Real 3D Printing, which produces a wide range of products such as merchandise, custom parts, replacement parts, prototypes, and key chains, which were presented to the visitors.
Castries, Saint Lucia | May 2, 2023 - One hundred young Saint Lucians are being taught how to better establish themselves as entrepreneurs, through an Introduction to Business Planning Training facilitated by the Youth Economy Agency. The course is a four-week intensive practical programme in which participants will develop a comprehensive business plan for their enterprises and learn how to utilise that plan to effectively operationalise their business.
As part of the course, participants will be guided with regard to preparing a winning operational plan, turning a business opportunity into a profitable venture, implementing a lucrative marketing plan, raising capital and employing robust financial literacy and management practices. Between May 2nd and June 2nd, these business owners and aspiring business owners will develop a deeper appreciation for the importance of planning. Training is underway in two locations - the YEA Office on Chaussee Road in Castries, and the ICT Access Centre on Commercial Street in Vieux Fort. Each location will host two sessions daily. Participants are also receiving support for meals and transportation.
Participants who are able to submit an approved business plan at the end of the programme will qualify for an Angel Fund, which will comprise a financial injection in the amount of EC$5,000.00.
This training is supported by the Republic of China (Taiwan), under a memorandum of understanding between the Youth Economy Agency and the Technical Mission of the Republic of China (Taiwan) which was signed when the YEA offices were opened on Chaussee Road in Castries, truly signalling the commencement of work for the Agency on April 3rd, 2023. Less than a month later, the first YEA training programme is underway, in keeping with its mandate to empower Saint Lucian entrepreneurs by creating the space for them to turn hobbies into entrepreneurship and skills into business.
Since its launch in early March, in addition to opening up its physical space, and beginning its first training sessions, YEA has joined the Ministry of Commerce and other like-minded organisations in various outreach exercises. For business planning training, the Agency processed over 300 applications. Over 400 applications have now been received for grants and loans, with 22 disbursements to date. More than 400 people have visited the offices, and the YEA website - youtheconomy.lc - has had over 10,000 hits.
The offices of Saint Lucia's Youth Economy Agency were officially opened on Monday, 3 April 2023. YEA was launched in March 2023, and the opening ceremony of the agency’s physical space was timed to coincide with the advent of Youth Month in Saint Lucia. Catering to young entrepreneurs between the ages of 15 and 35, YEA has also been launched as Commonwealth member countries mark 2023 as the Year of Youth, dedicated to youth-led action for sustainable and inclusive development.
The Agency opened its doors on #27 Chaussee Road in Castries with brief remarks from Mr. Thomas Leonce, Chairman of the Board of Directors; and Hon. Philip J Pierre, Prime Minister, Minister for Finance, Economic Development & Youth Economy and Minister for Justice & National Security; and in the presence of H.E. Peter Chia-yen Chen, Ambassador of the Republic of China (Taiwan) to Saint Lucia. The premises and staff were blessed by Hon. Msgr. Dr. Patrick Anthony, before the street sign was unveiled by Prime Minister Pierre and Mr. Leonce.
YEA aims to carve out a unique space in the general economic system for youth entrepreneurship and business growth, by providing state resources to young people to create sustainable livelihoods through business development, finance and marketing support, and training and mentorship. It is expected that the offices of the Agency, featuring art by the St Mary's College Art Troupe, will serve as a hub for training and an incubator for emerging businesses.
Established by the Youth Economy Act No. 17 of 2022, YEA provides young people with a special economic space to turn hobbies into entrepreneurship and skills into businesses. As part of the official opening ceremony, Mr. Daniel Yi-Long Lee, Head of the Taiwan Technical Mission in Saint Lucia, and Mr. Leonce signed a Memorandum of Understanding, which will facilitate additional training for up-and-coming business owners. Closing remarks were delivered by Mrs. Khrystal Riviere, Chief Operations Officer of YEA.
In addition to providing access to grants, loans, training, and business development, YEA also offers scholarships through the Commonwealth Secretariat to participate in the Digital Skills Training Programme. The pilot programme will see up to 200 young citizens receiving certification via Simplilearn in an array of areas such as software development, cybersecurity, artificial intelligence and machine learning, cloud computing and blockchain.
For more information on the Youth Economy Agency, interested persons can visit the website at youtheconomy.lc or follow @saintluciayea on Facebook, Instagram, Twitter, LinkedIn, and YouTube.
The recently launched Youth Economy Agency, more commonly known as YEA, recorded its first week in existence with the provision of eleven (11) loans and grants to young entrepreneurs across the island. The agency, in collaboration with the Commonwealth Secretariat, also took the opportunity to launch an all-new Digital Skills Training project targeting the nation’s youth.
The recent launch of YEA has created quite a buzz in the public and private sector: stakeholders got to see the vision of YEA materialise right before their eyes and young entrepreneurs were now one step closer to realising their dreams of successfully owning and running their own businesses. On the very night of its launch, the agency disbursed grants and loans to emerging businesses including No Excuses by Corneil, Backyard Garden Solutions, Project Cocktail, Real 3D Printing, Bennett’s Local Manufactures, D’Lokal Bites, Kaykane’s Tasty Eats, Celebrate Party Rentals, and Opulence. Presentations were made by Hon. Philip J Pierre, Prime Minister, Minister for Finance, Economic Development & Youth Economy and Minister for Justice & National Security. The organisation is also open to applications from young entrepreneurs, aged 15 to 35, who wish to expand their small businesses.
YEA also unveiled the Digital Skills Training project in collaboration with the Commonwealth Secretariat, based in the United Kingdom. Mr. Layne Robinson, the Head of Social Policy Development at the Commonwealth Secretariat, revealed that the Commonwealth Youth Programme is investing in 10,000 scholarships featuring digital skills training across its member states in celebration of its 50th anniversary. Saint Lucia is the first beneficiary of this initiative, with over 200 scholarships available in a number of areas.
Director of YEA, Mrs. Khrystal Riviere broke down the various areas of interest and priority for persons applying for Digital Skills Development training, including big data certification, business analytics with Excel, blockchain development, introduction to artificial intelligence, data science with Python, and JavaScript certification just to name a few. The fields of study as well as application information can be found on the YEA website.
Officials from the Youth Economy Agency say that the digital skills project, coupled with these initial loans and grants, are not just testament to the commitment of the agency but an optimistic sign of what is to come for those who have yet to apply and start the process. The agency is also grateful for the support from the Commonwealth Secretariat and for being a pivotal part of making this Year of Youth a success across the Commonwealth.
The highly acclaimed Youth Economy Agency (YEA) was officially launched on the 7th of March at the Finance Administrative Centre, with Prime Minister Hon. Philip J. Pierre, Ambassador for the Republic of China (Taiwan) Peter Chia-yen Chen, Members of the Cabinet of Ministers, YEA Chairman Mr. Thomas Leonce, the YEA Board of Directors, government officials, and special invited guests in attendance. Featuring riveting performances by several talented young Saint Lucians, the official launch was welcomed by a crowded room comprising young entrepreneurs, business professionals, stakeholders, and the and staff of YEA.
The launch was the realisation and culmination of the vision of Prime Minister, Hon. Philip J Pierre, whose stated intention is to pave the way for Saint Lucia's young people to be able to play a greater role in the island's economic affairs and to have a genuine say in nation-building. The Board of Directors of the agency comprises of eight members with a fair balance of professionals who are under the age of 25.
Chairman of the Agency, Thomas Leonce, introduced the new logo for YEA, created by a young entrepreneur. Executive Director of Helen’s Daughters and Guest Speaker, Ms. Keithlin Caroo, delivered an impassioned call to action in her feature address, as she commended the Prime Minister and the government for this initiative. She encouraged young people to take advantage of the opportunities presented through the agency.
With over EC$10 million allocated for its success, officials from the Youth Economy Agency are inviting young people aged 15 to 35 with sustainable business ideas or perhaps who are struggling in finding support for their existing businesses to visit the website and fill out the application form to start the process. The first 11 grants were presented by the Prime Minister to recipients from across the length and breadth of Saint Lucia.
In addition to financing, YEA will also be facilitating training, mentoring, and business development for young entrepreneurs and prospective business owners.