The Government of Grenada and Grenada Development Bank (GDB) are once again partnering to provide youth entrepreneurs with access to concessional financing.
The Ministry of Youth and Sports (MOYS) and the GDB recently signed a Memorandum of Understanding (MoU) for the Youth in Business Fund, which will offer concessional loans, grants and technical support to young entrepreneurs with emphasis on agribusiness ventures. The initiative forms part of Government’s broader effort to promote youth entrepreneurship and job creation under the Ministry of Youth and Sports.
Signing on behalf of the MOYS was Permanent Secretary Kim Frederick and General Manager Royston Cumberbatch signed on behalf of the GDB at the bank’s headquarters, Melville Street, St George’s.
The Youth in Business Fund will aid startup and established businesses focused on apiculture, hydroponics and vertical farming, crop and livestock production, agro-processing, value-added products and climate-smart and tech-integrated farming. The fund is designed to support registered beneficiaries of the programme, between the ages of 18 and 35, specifically targeting unemployed and underemployed individuals, as well as fishers, agricultural workers, agroprocessors, and young entrepreneurs seeking to enhance their income-generating potential.
The objectives of the fund are to increase access to financing, promote sustainable business growth, job creation and economic growth. The fund will consist of loans for startup and established businesses, which will carry a fixed interest rate of 1% with terms of 5–7 years and a maximum amount of EC$30,000. Grants of up to EC$3,000 will also be available.
Speaking after the MoU signing, Permanent Secretary Frederick said, “We are delighted to launch this initiative, which will empower young people to participate meaningfully in agribusiness — creating jobs, building skills, and expanding Grenada’s agricultural output.”
Sharing similar sentiments was General Manager Cumberbatch, who said, “Youth are the backbone of our economy. Through this partnership, we are providing them with practical access to financing and business support to turn their ideas into sustainable enterprises.”
Important prerequisites for the programme are registration with the Youth in Business Project and the completion of required training.
GDB
