NDBI: Youth in Business Program to expand in 2016
A total of K1.3million in loan offers was presented to the 46 pioneering participants who have been undergoing the program that initially began in November last year and is being piloted in the National Capital District (NCD).
“YES” is PNG's first ever youth in business incubation program that provides an alternative opportunity for unemployed youthto engage in business through training, mentoring, management and funding over a two year period.
NDBI Chief Executive Officer, Des Yaninen says youth can access funding from NDBI by registering to this scheme. “Successful applicants will go through the '10 Steps to Success' process of YES and qualify for funding after successfully completing these steps and submitting to us a satisfactory business plan.”
Meanwhile, NDB Managing Director and NDBI Chairman, Moses Liu has called on the National Executive Council (NEC) and Members of Parliament to support the youth by including the program in next year's budget so the scheme can be implemented and carried out to other parts of the country come 2016.
Several MPs have already shown interest in the program for it to be implemented in their districts next year while others have expressed their interests for a business incubation program targeting women which NDBI is looking forward to implementing in 2016 as well.
Mr. Yaninen has said that they anticipate funding K1.5 million per program. “This averages out to about K15, 000 per young entrepreneur to grow their business. We propose for MPs to provide the full security cover for these loans as well as meet the entrepreneurial training costs facilitated by Small to Medium Enterprise Corporation (SMEC).”
He reaffirmed that he is determined to roll out YES nationwide in 2016 and welcomes all MPs to commit part of their District Services Improvement Program (DSIP) funds towards the implementation of this program for the benefit of all young entrepreneurs in the country.
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