Republic Bank inks youth entrepreneurship development MoU; 100 youths to benefit

Approximately 100 youths are set to benefit from a Memorandum of Undersanding (MoU) signed between Republic Bank Guyana and specialists in Sustained Youth Development and Research (SSYDR) Inc.

The MoU will facilitate the launch SSYDR Entrepreneurial Development Programme (SEDP) and was inked on November 3, a press release from Republic Bank stated.

The 100 youths have already been trained using a seven module Work Ready/ Job Readiness curriculum and now will be able to access training in entrepreneurship with the hope of becoming successful business owners.

Of the 100-youth accessing this training, 50 participants with the best proposals will access a grant to purchase equipment or supplies towards a business startup. Twenty-five of the 50 youth will access equipment or startup worth G$250,000.00 and another 25 will access G$300,000.00 in equipment or startup.

This initiative will be executed over eight months and will involve training, one-day business challenge, business plan preparations and presentations, grant distribution and business coaching.

During the work ready/ job readiness training, the participants would have covered topics such as Personal Development, Interpersonal Communication, Work Habits and Conduct, Leadership and Teamwork, Safety and Health at Work, Employer and Employee Rights and Responsibilities, and Financial Fitness.

Upon completion of the Entrepreneurship/ Be Your Own Boss Training, they will be able to develop their own business idea, identify the characteristics and traits of a successful business owner, assess their own characteristics, attitudes and skills related to being business owners, conduct simple market research, understand the importance of differentiating from competitors, compile a marketing plan, register their businesses, keep basic financial records and develop their own business plan among other key skills.

SSYDR over the six years of its formation has worked with approximately 3000 young persons from regions all across Guyana.

SEDP was made possible through the generosity of Republic Bank as part of its social investment programme the Power to Make a Difference (PMAD). Republic Bank through its PMAD programme remains committed to making a
difference in the communities in which it serves.