Skerrit calls for review and restructure of the Dominica Youth Business Trust

Prime Minister Roosevelt Skerrit has called for some introspection of the Dominica Youth Business Trust (DYBT) and implementation of  reforms across the board.

He made that call while addressing the 21st Graduation and Awards Ceremony of the DYBT held at the State House Conference Centre on Friday.

“In my view I believe that the time has come after 21 years for there to be some introspection done, some review done of the DYBT and to see whether the DYBT as it currently stands is fit for purpose,” he said.

He continued, “Does it need some modifications? Do we need to have  some surgeries done to it, so that we can put it to be more responsive to the needs of the young people, recognizing that inflation has added to the cost of some things and whether the amount should not be increased more than $20,000?”

Skerrit believes that the loan amount provided by the Trust for small start-up businesses should be increased .

“I believe that it should be increased to maybe no less than $40,000 per applicant so that people can have the full amount they need to start a small business rather than only giving you half or a third of it, and you cannot enter the business.”

According to him, some of the things his government will be proposing in the new year for the restructure of the DYBT is that there will be the review of the Board of Trustees to allow the board to have greater flexibility and authority.

“We will also be upgrading the position of coordinator, to that of Chief Executive Officer and to upgrade the staff and to bring the staff to a higher level, because they are in fact performing at a higher level and we need to ensure that the positions and the remuneration are commensurate with the functions and responsibilities,” Skerrit noted.

Meanwhile, he believes that the interest rates should not be more than three percent.

“I don’t agree with the 6 and 7, 8 and 9 percent. I think it’s too high, especially for start-up businesses. And therefore we will engage those existing financial institutions and whether they want to have a different relationship  with the DYBT so that the interest rate can be no more than 3 percent,” he remarked.

Furthermore, he went on to add that as of next year the interest rates at the AID Bank will be no more than 3 percent for those borrowing from that institution.

“I also think that there are young people who have gone through the program successfully and that is to say you have graduated but sometimes your business plan does not meet with favor from the financial institutions,” Skerrit explained. “ I don’t believe that is motivational at this time. I believe that if it doesn’t meet the requirements, I think we should be in a position to help you to modify your business plan so that you get approval from the financial institution.”

He added, “So there’s going to be a dramatic change in respect to how we treat with your business plans in terms of providing you with the funding that you need to ensure that we can give you the trust and confidence that you require. So,  in 2026 you’re going to have a fresh new start, which means that the government will pay off as I understand it. You have about $500,000 currently guaranteed by the government. We will clear the debts of everybody who owes us $500,000 and to start on a fresh position with a new look, DYBT.”