Forty-two young entrepreneurs recently completed an Introduction to Bookkeeping training course with the Youth Economy Agency (YEA), proving that the demand for building capacity in entrepreneurship is in high demand.
The training was held under the theme, “Building Financial Confidence — The Power of Accurate Bookkeeping”, and forms part of the broader support from the Taiwan Technical Mission (TTM), which signed a Technical Cooperation Agreement (TCA) with the Youth Economy Agency on April 30, 2024.
At the certificate ceremony held on Tuesday afternoon, November 5, 2024, at the Union Orchid Gardens, H.E. Peter Chia-Yen Chen, Taiwan’s Ambassador to Saint Lucia, congratulated the participants for taking the bold step to advance their financial knowledge. He also commended the YEA, noting that the agency’s tireless dedication to delivering transformative programmes has benefited many young entrepreneurs.
“The Youth Economy Agency has been an exceptional partner throughout this journey, providing expert guidance and support,” said Ambassador Chen. “This initiative was launched under a new partnership between Taiwan Technical Mission and Youth Economy Agency this April, aligned with Hon. Prime Minister Philip J. Pierre’s vision for the Youth Economy, and fulfilling the commitment made by the Government of the Republic of China (Taiwan). Taiwan takes pride in walking alongside the Government of Saint Lucia, and we remain committed to supporting Saint Lucia’s youth business development and sustainable growth.”
Mr. Thomas Leonce, Chairperson of the Youth Economy Agency, also congratulated the participants on completing the course, telling them that their dedication symbolized perseverance, patience, and passion—all of which have the potential to translate to profits.
Leonce recounted his own professional career, explaining that despite having held several senior positions over the years, he finally decided to register his own business at age 48. Since then, he has become part-owner, owner and director in at least six other businesses.
“You’re looking at a practitioner of what the Youth Economy Agency espouses, that is, turning hobbies into entrepreneurship and skills into business,” he said.
Leonce also shared some crucial words of advice with the participants that can help them improve their chances of becoming and remaining successful.
“Keep your records. Ensure that you save your data. Keep track of your data. Use your data to generate information to assist in decision-making,” Leonce explained.
For four weeks, the young entrepreneurs received intensive training aimed at boosting their confidence as financial record-keepers. The programme was designed with practical application in mind and focused on essential paper-based methods which are the cornerstone of sound business management.
Participants received 42 hours of intensive training, mastering crucial skills, including Understanding Fundamental Bookkeeping Concepts, Applying Double Entry Accounting Principles, Creating and Interpreting Financial Statements, Performing Bank Reconciliations, and Making Informed Decisions Based on their Financial Records.
Classes commenced on September 9, 2024, and were held three days a week at two venues: the Vieux Fort ICT Access Centre and the Youth Economy Agency office in Castries. There were morning classes at both locations, and evening classes at the YEA office only.
Ms. Antiebe Phillip, Support Officer for Training & Development at YEA, said 45 participants registered for and pursued the course, 42 of whom completed the training. At the end of the training, 40 participants presented portfolios that included financial statements for evaluation, representing an 89% completion rate.
“What makes this achievement particularly significant is that these skills are not just theoretical; they are practical tools that our participants can immediately apply to their businesses — whether it’s for tax purposes, loan applications, or strategic decision-making,” said Phillip.
Participants who completed the training qualified for an angel grant of EC$1,000.00 each to support their businesses. They are also now eligible for phase two of the programme in the new year, which will introduce them to other aspects of bookkeeping.
The feature address was delivered by Mr. Larius Descartes, Assistant Manager for Customer Service Relations at Bank of Saint Lucia. He said that, at its core, good bookkeeping is not just about staying organized, but is also the backbone of any business.
“It gives you a clear picture of where your business stands financially and enables you to make decisions with confidence,” Descartes told the participants. “With well-maintained records, you can track your growth, understand cash flow, manage expenses, and make more informed choices. This is invaluable for planning and guiding your business on a path to success.”
Descartes noted that proper record-keeping supports a business’s operations and is also key in accessing essential banking services: “Organized records show transparency, which is something banks look for when establishing new relationships. When it comes to accessing loans or funding, banks need reliable documentation to understand your business’s financial health and the risk profile.”
During the certificate ceremony, a moving tribute was paid to Ambassador Chen. Through a pre-recorded video that was shown on the screen, officials from the YEA thanked Ambassador Chen for his unwavering support to the YEA over the course of the organization’s existence. Mr. Thomas Leonce, Chairman of YEA, also handed over a special painting to Ambassador Chen.
According to Mrs. Khrystal Riviere, YEA’s Chief Operations Officer, the Youth Economy Agency has to date injected approximately EC$3.8 million into Saint Lucia’s economy through grant funding, trained more than 484 young people, and approved 901 grants.