WOMEN are the recipients of 44 per cent of the loans disbursed by the Barbados Youth Business Trust (BYBT).
This was disclosed by chairman of the BYBT’s board of trustees, Deborah King, as she spoke about the not-for-profit organisation during a Entrepreneurs’ Forum for women last Saturday at the British High Commissioner’s residence.
King spoke about the entrepreneurial success of women who seek assistance from the BYBT.
She pointed out that of the 358 people who received loans from the BYBT annually, 158 were women, some of whom applied for and received multiple loans.
She explained that the trust, which was established in 1996, provided a “much needed service of turning good ideas into good business” for those aged between 19 and 35.
“The BYBT offers coordinated and comprehensive programmes that assist young people to develop the necessary skills and attitude that they need to become successfull entrepreneurs,” she told the audience which included Sophie, Countess of Wessex and British High Commissioner Victoria Dean.
King further explained that the programme encompassed start-up loans, business affiliated grants, business mentoring and ongoing business support which included training and development, networking and marketing and promotions, among others.
“The BYBT has come into contact with approximately 10 000 young unemployed people over the years, sensitising them to entrepreneurship as a career option,” she pointed out.
In terms of its female clients, some of whom displayed their goods at the event, King said women in business was a traditional concept in Barbados where many headed households and supported their families through entrepreneurship, many without any formal instruction.
But she reminded the women present that success did not come without sacrifice and challenges.
“There is no doubt that a flourishing spirit of entrepreneurship contributes to a country’s ability to overcome economic challenges. Barbadian women have shown they are made of the right stuff to compete and to compete well with their male counterparts.
“However, as in other parts of the world, women continue to be challenged into succeeding as high performing entrepreneurs.”
Guest speaker, Chiryl Wiltshire-Newman, owner of the successful and popular restaurant Champers, praised the BYBT for its assistance to female entrepreneurs.
She advised women to have sound financial advisors and to listen to their customers.
“If I had the opportunity that all of you have now, 27 years ago I would have a chain like [Sandals hotel magnate Gordon] “Butch” Stewart. Because you have mentors, you have good loans systems, you have people who can help you along the way that for a lot of us 30 years ago we didn’t have.
“I encourage all of you all to take hold of these opportunities and make the most of them,” she said.
The Countess of Wessex also advised the women to mentor each other as she lauded Wiltshire-Newman for sharing her personal business success with the audience, calling it an inspirational and emotional story.
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