60 youths benefit from virtual Financial Literacy training

DPI, Guyana, Thursday, June 11, 2020

Sixty young people from across the country are benefitting from a six-week virtual Financial Literacy and Small Business training programme undertaken by the Department of Youth.

Speaking to DPI Senior Research, Planning and Development Officer attached to the department Adeti De Jesus these 60 have been selected from 300 applications.

The participants include persons who are unemployed and small business owners who require relevant financial knowledge to sustain their business ventures.

“For the training programme, the students will be taught by guest lecturers and stakeholders from the business community, NGOs, Government and private sector organisations such as Guyana Revenue Authority (GRA), NIS, Credit Info, IPED among others,” De Jesus explained.

The students, she noted, will make use of cases, scenarios, simulations and role-play which will include one-day business projects. Upon the conclusion of the workshop, each student is required to provide a written business plan which will be reviewed and amended, if need be.

The Department will also provide necessary information and guidance needed for them to submit their business proposals to access funding through the Youth Innovation Project of Guyana (YIPoG), IPED, Small Business Bureau (SBB) or a commercial bank.

De Jesus said the Youth Department is cognisant of the challenges facing many of the nation’s youths and small business entrepreneurs as a result of the COVID-19 pandemic.

“… many of them are now receiving reduced income due to a reduction in business activities, some have been laid off.  We believe if our youths are financially literate and know how to start and operate a business, it will give them a sense of purpose during this challenging time and help develop the resilience required for post-COVID-19,” she stated.

De Jesus assured that the other applicants will be considered for future for training programmes.

The Financial Literacy and Small Business Training Programme aims to help students develop an entrepreneurial outlook, understand the best practices of entrepreneurship development, learn to prepare a business plan and access funding to either start or expand their business ventures.

The Department of Youth primarily focusses on skills development for young people and transitioning that skill into employment or entrepreneurship.

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