In light of the recent economic downturn, development strategies that create new jobs and support the growth of businesses are of greater need than ever.
Microenterprises play a critical role in this quest as they account for a larger share of newly created jobs. However, only a fraction of these start-ups survive for more than two years or even develop into the high-growth firms.
Amongst the biggest barriers to their sustained growth are lack of access to training, development support, and access to funding. The “Youth Ignite” Project (under the Bank of Industry’s (BOI) Microenterprise Finance Program) seek to address these challenge by supporting 1 million entrepreneurs to create 5 million jobs over the next 5 years.
Microenterprises will be provided training, single-digit interest loans and ongoing support during the course of the 5 years.
Entrepreneurs are required to do the either of following:
- Consider ways people conduct businesses in their state or community and devise a more effective way to achieve better results; or
- Develop a solution to a problem(s) in their community or area of influence; or
- Seek to command [more] business value from a skill they already possess or trade they are involved in.
The main objective of the project is to create new jobs through entrepreneurship by supporting 1 million entrepreneurs over the next 5 years to create 5 million jobs.
Who we are looking for: Talented, creative and dedicated young people who have an existing business or idea that they believe in and are committed to bringing to life.