IMPORTANT NOTICE: BYBT REGRETS TO ADVISE OUR YOUNG ENTREPRENEURS THAT WE ARE PRESENTLY UNABLE TO OFFER ANY GRANTS UNTIL FURTHER NOTICE.
General Requirements & Regulations
Funds are available for start ups and businesses five (5) years old and under.
The Business, once developed, must be the primary source of employment for the applicant.
BYBT funds must be used for start up or expansion costs, not for the refinancing or existing debts.
Businesses financed in whole or in part by the BYBT must comply with all health and safety legislation and be adequately insured.
Financial Assistance Limit
The maximum amount of financial assistance that the BYBT will extend to any one applicant is, in the aggregate, Bds. $30,000.00.
Loans are available as follows:
Business Loan – Up to $25,000.00
The loan must be used to acquire fixed assets and/or to use as working capital and/or to fund further training to establish the applicant in his/her chosen profession, trade, craft or service.
Business Development Loan – Up to $25,000.00
Available during the first five years of operation to a business that has the potential to expand but is unable to raise adequate financing.
BYBT should not be the only funding partner, but funds should at least be matched by other sources.
Business Development Loans must not be used to refinance existing debt with the exception of any small residual remaining on a BYBT Business Loan.
Other Loans/Grants
The Trust also makes available Loans/Grants up to a maximum of $1,000 per business or $1,000 aggregate (for education) as follows:-
Feasibility
A request for Feasibility Study funds should be supported by a well developed business proposal that shows why test marketing or study is essential. A description of the study to be undertaken should include details of :
- Any questionnaire/survey to be conducted
- The number of potential customers to be approached
- The production of any samples or prototypes
- Estimated costs associated with the study
- Any other relevant information.
GO AND SEE
Go and See assistants is intended to help young entrepreneurs who would otherwise not have the resources to investigate possible new business markets.
Preference will be given to export oriented businesses or businesses requiring the development of specific expertise not available locally.
Request will be considered where the business is unable to underwrite the costs or to raise necessary funds.
EDUCATION
Up to $1,000.00 (in the aggregate)
This form of financial assistance may be extended by way of a direct loan or a grant for continuing education at a recognized learning institution in Barbados.
Applicants must be engaged currently in their own business venture, have been in the said venture for the past twelve months and intend to continue the business uninterrupted during the proposed study period.
The educational/training course to be undertaken must be directly related to the enhancement of the applicants business and/or technical skills.
Report Submission Requirements
All recipients of the foregoing grants/loans are required to submit a report on completion of the visit/survey detailing its results and the impact on the business. Any revisions to be made to the business plan should also be outlined.
Details of expenditure of BYBT’s funds must also be attached, accompanied by receipts.
Interest Rates
The Trust reserves the right to change the interest rate from time to time by giving due notice to its clients.
Rates, however, are expected to vary between 10-12% per annum.
Downloadable Loan Forms
 Loan Application for Business 223.09 Kb
Loan Application for Development 222.91 Kb
Application for Grant 28.83 Kb
Loan Application for Business Support 30.08 Kb
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