On 7 March 2023, after months of anticipation, the Youth Economy Agency was officially launched at the Finance Administrative Centre.
Conceptualized by Prime Minister and Minister for Finance, Economic Development and Youth Economy, Philip J. Pierre, the agency aims to provide avenues for entrepreneurs and aspiring entrepreneurs aged between 15 and 35 to get access to funding, training, marketing support, import concessions, mentorship and more to help develop their emerging businesses.
At the launch, the Prime Minister explained that YEA will pave the way for Saint Lucia’s young people to be able to play a greater role in the island’s economic affairs and have a genuine say in nation-building.
“You need a youth economy, because you need an agile, flexible organization that will allow young people to convert their hobbies into entrepreneurship, and their skills into business,” declared PM Pierre.
“The Youth Economy Agency will try to have an economic space for young people, an area where young people can bring (nurture) their dreams… the sky is really the limit,” he added. “And we must be brave, we must be daring. We must not be so pessimistic. We must not look at the glass always half empty. The glass is half full.”
He further emphasized the importance “of having more confidence in ourselves as a people and confidence in our ability.”
According to an agency spokesperson, since presenting the first 11 grants at the launch in March 2023, YEA has impacted the lives of hundreds of young Saint Lucians through a variety of interventions. YEA has processed over 1,000 grants to budding business owners island wide.
The agency has also extended approximately 500 training and mentorship opportunities. Veteran professionals have imparted knowledge to their up-and-coming counterparts via Business Mixers and an Investment Forum.
YEA has also benefitted from local, regional, and international partnerships, working closely with organisations such as Export Saint Lucia, Invest Saint Lucia, and the Ministry of Commerce. The Republic of China (Taiwan) has supported the work of the agency from inception and the conclusion of a loan agreement with the Caribbean Development Bank in the last quarter of 2023 has laid the groundwork for YEA to expand its workplan.
Entering its second year of operation, Chief Executive Officer (CEO) Bryan Vidal is looking forward to building on what he views as a solid foundation, with the main focus being on exceeded expectations.
“In our first year, we have been able to touch the lives of many young Saint Lucians in a very positive way, and we can see how a lot of these businesses have grown from strength to strength with our support,” he noted.
Added Vidal: ” We are excited about year two, we will focus on efficiency by continuing our grant allocations and delivering on our loans mandate. Through greater collaborative efforts with other stakeholders, we will further expand our training programme.
“We are hoping that our second mentorship programme will reach more than twice as many businesses, and we are eager to start disbursing loans to our young entrepreneurs.”
With the advent of YEA, the nation’s hopeful young entrepreneurs are one step closer to realising their dreams of successfully owning and running their own businesses.
YEA remains open to applications from youth who want to convert their hobbies into entrepreneurship, and their skills into business.