In a significant move to bolster youth entrepreneurship, Prime Minister Roosevelt Skerrit has unveiled comprehensive reforms for the Dominica Youth Business Trust (DYBT). The announcement came during a direct engagement with young citizens, signaling a government-wide commitment to empowering the next generation of business leaders.
The centerpiece of this restructuring involves dramatically reducing interest rates on business loans to unprecedented lows of just 2-3 percent. This strategic reduction aims to eliminate financial barriers that have traditionally hindered young entrepreneurs from accessing capital. ‘We are implementing a complete revamping of the Dominica Youth Business Trust to make it more accessible to more young people in a more timely fashion,’ Prime Minister Skerrit emphasized during his address.
Complementing these favorable lending terms, the government has allocated $5 million in dedicated funding to expand the program’s reach. This substantial financial injection will facilitate increased access to both loans and grants, providing comprehensive support for small business development across the island nation.
Established in May 2004, the DYBT represents a collaborative model that consolidates resources from multiple institutions and donor partners. The organization’s core mission focuses on enabling Dominican youth to achieve their entrepreneurial ambitions through integrated financial, technical, and social support systems. The program distinguishes itself through its emphasis on robust training and mentorship components, ensuring participants receive holistic guidance throughout their business development journey.
The overhauled initiative promises to accelerate the materialization of business concepts into tangible enterprises, effectively transforming innovative ideas into economic contributors for Dominica’s sustainable development.