Three years ago, the Youth Economy Agency (YEA) launched its grant program, only to be inundated with applications. With just two officers handling the influx, the agency struggled to keep up, leaving many applicants in limbo. CEO Bryan Vidal acknowledged the challenges, stating that while grant processing continued, the backlog eventually forced a temporary halt on new applications. During this period, only 13 entrepreneurs received emergency support. However, since July, the agency has significantly bolstered its capacity. The grant department now employs nine dedicated staff members, and new technology has streamlined operations, enabling the agency to move forward efficiently. Vidal highlighted YEA’s broader impact, noting that it has processed over 1,505 grants, six loans, trained more than 880 individuals, and facilitated mentorship for 126 people. The agency has injected over $9.6 million into the economy, with grants averaging $3,000 and loans reaching up to $30,000. YEA also provides training in areas like bookkeeping, customer service, and digital marketing. The agency’s mission is to combat youth unemployment by offering the kind of support typically provided by family in other contexts. Vidal emphasized that successful entrepreneurs often credit family support, and YEA aims to fill that role by providing access to finance through loans and grants. For many, this support has been transformative. Quinn St. Juste, a podcaster and multimedia journalist, used his grant to expand his operation, while a young block maker purchased a machine that revolutionized his business. Although grants are generally issued on a first-come, first-served basis, YEA also employs a risk-based assessment to prioritize businesses facing urgent threats. Applications involve interviews and site visits, and funds are often disbursed as equipment to ensure accountability. YEA reports regularly to the Caribbean Development Bank, the Ministry of Economic Development, and its board of directors. The agency has also made its services more accessible by processing applications on-site in Castries and holding outreach sessions in various communities. Vidal envisions a future where self-employed individuals continue to make significant economic impacts, thanks to YEA’s support.
