YBSL gives wings to youth business ideas

The Youth Business Sri Lanka (YBSL) supports young entrepreneurs to start a business through provision of concessionary credit facilities and voluntary mentorship.

They are guided by mature and experienced business leaders who constantly support these young business people to make their business a successful venture.

In order to avail financial assistance and guidance of a mentor, aspiring entrepreneurs can present their business proposals to YBSL who will assess the viability of the proposal and their repayment capacity.

This information was revealed by Vartharaja Kumaraguru, National Programme Manager of YBSL during a meeting with a delegation of Sri Lankan youth living abroad who are keen on investing in local businesses.

The visiting delegation included Johann Rebert, the Country Representative of International Alert, an independent peace building organisation that works with people who are affected by conflict to improve their prospects of peace.

The members of the delegation who have been travelling around the country and familiarising themselves with investment opportunities stated that there are a large number of Sri Lankans living abroad who are interested in investing in Sri Lanka. It was also informed that they are taking active measures to bridge the gap between Sri Lankans living in the United Kingdom and Sri Lanka.

The YBSL extended their fullest support to the visiting delegation and stated that the organisation is further strengthened by their affiliation with the Ceylon Chamber of Commerce which provides many services and facilities to entrepreneurs.

The Ceylon Chamber of Commerce that works closely with as many as 20 regional chambers in all parts of the country possesses business intelligence on local industries, businesses and their requirements.

With this expertise on businesses in the country, it provides extensive support to the business community from the inception of a business idea.

As the business grows, the entrepreneurs are able to make use of the various industry based facilities and also be part of Business Councils which facilitate exports to a number of countries.

The Chamber Secretariat also provides business matchmaking between local entrepreneurs and foreign investors.

Thus, YBSL working in collaboration with the Ceylon Chamber of Commerce is well equipped to assist budding entrepreneurs.    

The YBSL programme is the country wide expansion of the youth business assistance programme successfully piloted in Hambantota by Hambantota District Chamber of Commerce.

The programme is modeled on the principles of Youth Business International of UK (YBI), which is implemented in 32 countries.

The Ceylon Chamber of Commerce is an effective spokesman of the Sri Lankan business sector. Founded in 1839, the institution has been the focal point for business contacts both locally and abroad for more than 172 years.

It has many specialised committees, affiliated associations and 21 bilateral business councils promoting international business.

Its members serve on various institutions and committees set up by the Government and the private sector.