Mentoring helps
C.C.C. Chairman Dr. Anura Ekanayake awarding Jaffna’s first Y.B.S.L. awards beneficiary
Eighty per cent of businesses started by youth in Hambantota succeeded because of mentoring, an official said.
Youth Business Sri Lanka (Y.B.S.L.) National Programme Manager Sujeewa Ratnakumara said that the mechanics of the Y.B.S.L. credit programme are that the loans are given based on the viability of the proposed business. In addition, the enterprising youth is linked to an experienced business person as a mentor.
It’s often cited that many small businesses started by youth fail because of poor business decisions that these inexperienced youth make, mostly in managing finance, he said.
Recently Y.B.S.L. provided loans to the value of Rs. 250,000 to five youth from Jaffna peninsula to start businesses through the Yalpanam Chamber of Commerce and Industry.
The initial credit assistance is limited to Rs. 50,000 and is payable in 12 months. The funds for the Y.B.S.L. credit programme in Jaffna are given by Confederation of Asia-Pacific Chambers of Commerce and Industry Foundation, Taiwan.
Y.B.S.L. is a Ceylon Chamber of Commerce (C.C.C.) youth assistance programme.
“The total commitment during this initial phase for Jaffna is Rs. one million,” a C.C.C. statement said.
Y.B.S.L. programme has already implemented its programme in five districts; Hambantota, Kegalle,Trincomalee, Badulla and Jaffna. The Kandy district programme is expected to start at the end of this month.
The Y.B.S.L. programme supports enterprising youth aged between 18-35 years who have a viable business plan, but do not have collateral or supportive background, through a credit facility for business start up, supported with business mentoring.
C.C.C. Chairman and Y.B.S.L. Founder Trustee Dr. Anura Ekanayake is quoted to have had said, It is a continuing problem for youth anywhere in Sri Lanka to get financial assistance for their businesses due to procedural and collateral issues. Youth assistance programmes like Y.B.S.L. fulfil a service in this regard, not only improving youth’s livelihood and that of their families, but also contribute to the development of the region, especially Jaffna, which is coming out of marginalization due to the years’ long conflict.
He added, Yalpanam Chamber of Commerce Chairman Poornachandran, pointed that youth employment is a need of the hour in the context of post conflict Sri Lanka and this kind of credit support to youth to start businesses would make them employment creators and thereby eliminate the factors that contributes to conflicts.
Y.B.S.L. is an accredited programme of Youth Business International, a charity dedicated to supporting young entrepreneurs and is the “leadership” body for a network of youth business programmes implemented in 38 countries. Y.B.S.L. Secretariat is at the C.C.C.
