The AID Bank and the Dominica Youth Business Trust (DYBT) can boast a loans portfolio with an exceptional performing ratio of 93%. This excellent record is thanks to the AID Bank’s
due diligence process and a strong training component of the DYBT Model which is compulsory for every applicant in the program. The young entrepreneurs receive critical information to help them manage their resources and make the best decisions for their business. The DYBT maintains a close relationship with the Bank and the young entrepreneurs after they have received funding. This facilitates the timely payment of their loans.
The AID Bank and the DYBT have made a collaborative effort towards the development of young entrepreneurs and assisting in making their business plans come into fruition over the years.
From its inception in May 2004, the DYBT has facilitated over 593 young people through entrepreneurial training and funding. The DYBT Model includes a four-week Entrepreneurship Development Program (EDP) which comprises of a one week of Achievement Motivation Training and three weeks of EDP sessions.
The Dominica Youth Business Trust established by Commonwealth Youth Programme (CYP) and the Government of the Commonwealth of Dominica, along with from the Organization of American States (OAS) and the Caribbean Development Bank (CDB).This initiative focuses on an entrepreneurial model by which young people are provided with the wherewithal to establish sustainable businesses. It is a combination of several initiatives and involves inputs from diverse institutions and donors into a single coordinated project that delivers an efficient package of services to young entrepreneurs.
The AID Bank has been a key partner in this initiative, providing business loans to the entrepreneurs who successfully complete the DYBT Programme. The Bank has the largest portion of the DYBT loans portfolio with over thirty young entrepreneurs. The loans are negotiated by the DYBT and administered on the terms and conditions of the Bank. The DYBT guarantees up to $20,000 for each loan applicant. Young entrepreneurs from the DYBT have ventured into a broad variety of industries among which are media & marketing, massage therapy, poultry production and music.
The Bank has also participated in many training sessions and discussions with DYBT clients. In 2013, a donation of XCD $23,000 was made towards the DYBT which went towards the 2013 and 2015 Business Plan Awards respectively.
To further facilitate young entrepreneurs, the Bank has designed a special loan facility called Start-up Stars. Through this loan facility, customers from the ages of 18-35 can receive up to $50,000 in financing for starting up or expanding their business.
The DYBT and the AID Bank continue to make strides towards achieving the objectives of stimulating Dominica’s economy and creating a foundation for our young entrepreneurs to establish sustainable businesses.