The session was hosted by Heather Wright, entrepreneur consultant at Heart Trust/NTA, and Wilton Williams, chartered accountant/management consultant with the Jamaica Development Business Corporation, respectively.

The orientation session was aimed at soliciting ideas from school leavers at the high school and tertiary levels who have a passion to operate their own businesses.

Wright explained that those who enrolled in the programme would be provided with the necessary assistance and support. She also explained that training would be provided so as to help participants develop their own business plan.

Low-interest loans

"There is access to lower cost financing to business starters. Unlike other places where the interest rate on a loan is very high, the interest rate on loans through this programme is moderately low; so as to ensure that you get the kind of start needed," said Wright.

During the orientation session, the audience was asked by Wright, whether or not $50,000 was enough to make them successful.

Many of the participants said $50,000 was merely a drop in the bucket, especially given today's economic conditions.

Under YEP, young people are urged to consider self-empowerment as a practical alternative to joining the workforce.

Funding in the sum of $200 million will be made available by the Development Bank of Jamaica to persons not over the age of 25 with feasible business ideas.

In the meantime, Williams explained that persons would be able to access the maximum loan of $100,000 to finance their businesses.

He also explained that the loans can be access through various institutions including Jamaica National Small business Loans Limited, NationGrowth, Access Finance Services Limited, Micro Credit Limited and selected credit unions in the Credit Union League.

Interest rate to the borrower is 10 per cent per annum, on the reducing balance, and is fixed for the life of the loan.

$400,000 for group loans

The loan product terms dictates that only $100,000 will be available to each person, but up to four persons will be allowed to access a maximum of $400,000 for one project.

The repayment period for an individual loan will be up to 24 months, including a maximum moratorium of six months on principal.

Repayment period for group loans is to be determined but will not exceed 24 months.

- Gareth Davis Sr