GYEI PROGRAMME HIGHLY PRAISED BY ORGANIC FARMER
ST. GEORGE’S, GRENADA, TUESDAY, JUNE 15TH, 2010_ Organic farmer, Royan Smith, has praised the Grenada Youth Enterprise Initiative (GYEI) for its commitment to the empowerment and sustained development of Grenadian youth.
The 24-year-old Madi Gras farmer, who has been farming for seven years,
credits the programme for helping transform his farm from a small scale
operation into a highly productive business.
“The programme really helped me out,” Smith said. “Without that
programme I would still be struggling.”
Under the programme Smith received a loan of EC $10,000, which he used
to purchase a power tiller – a small tractor with a rotavator and a
plough. Since purchasing the machine, Smith has not only been able to
farm on a much larger scale, but also contract out his machine service
to neighbouring farmers.
“I use the same tractor to help a lot of the farmers in the area and
they pay me on average about 80 dollars an hour to plough their land and
I’ve been doing well.”
The GYEI, one of the Ministry of Youth Empowerment and Sports’ flagship
programmes, is geared at supplying individuals between the ages of 18
and 35 with small loans, from EC $500 to EC $20,000, to fund
entrepreneurial endeavours. Its main pull has always been its attractive
five percent interest rate.
Originally started under the previous administration, it was suspended
in 2008 and placed under review. However, Robin James, the Small
Business Enterprise Coordinator, said the Ministry is close to
re-launching the programme, but this time, doing so with added benefits.
“We want to ensure that there is a much higher rate of success amongst
young people because it gives them a measure of satisfaction,” James
said.
Besides contemplating increasing the maximum loan amount to EC $25,000,
James said resources would be employed to ensure that support services
are provided to the new businesses. “We don’t want to allow these new
businesses to stand on their own,” James said. “We have continuous
hand-holding support. People with thriving businesses will be giving
advice to the new entrepreneurs to ensure that they can be successful.”
As with the programme before, applicants will be required to undergo a
two week business course facilitated by the Grenada Industrial
Development Corporation, during which they will be taught how to develop
a business plan using market research and tools. It is this plan that
they would then take to the Grenada Development Bank, the funding bank,
to acquire the loan.
Though the disbursement of funds has yet to resume, 300 individuals have
already received training as of July last year.
As for the Ministry’s intention to re-launch the programme, Smith
believes it’s a move in the right direction. “I think that Government
should re-start a programme like that because there are lots of youth
out there looking for a little push -- a little help to get business
going .”
Once officially restarted, the GYEI will fund virtually any type of
business. However, Tourism, Agriculture and Agro-processing have been
highlighted as key areas.