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| Wednesday, 7 January 2004 |
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YBT assists young entrepreneurs in Hambantota by Shirajiv Sirimane and M.R.M. Niyas, Hambantota special corr. The Hambantota Youth Business Trust, (YBT) a Non-governmental organisation (NGO) funded by Princes Trust of United Kingdom has provided over Rs. 1.5 million in loans. According to an executive of YBT, Chandana Abeywardane, who had a booth at the Hambantota District Chamber's tenth anniversary celebrations exhibition these loan facilities were awarded to youth who were unable to obtain bank loans due to red tape. The trust was set up on the initiative of the Hambantota District Chamber in 1997 and has provided loans to over 100 youth entrepreneurs. The YBT provided loan facilities to 29 youth last year - between Rs. 10,000 to 75,000. A unique feature of these loans was the fact that the YBT did not ask for a guarantor, deposit, bank balance or any security when awarding these loans. "Basically none of the businessmen who received these loans could have got a bank loan," he said. The YBT in addition to providing loans for youth between 18 to 33 years, with novel ideas also appoints a mentor to guide their business. The mentor is a leading businessman in the area who guides the youth. "But the mentor is not responsible to pay back the loan if the youth fails to succeed." He said that the Chamber helps the youth to find markets for the products. Some of the common businesses undertaken are agriculture, poultry, handicrafts and self-employment projects. The Small Fisheries Federation which too is an NGO, set up in 1990, has launched a project to manufacture Jam, ice cream and cordial from Kirala, a fruit grown in shrubs jungle. The investment for the project had been only Rs 75,000 and the plant is at Ambalantota. Secretary to the project Chandana Gunaratne said they are not in a position to meet the growing demand. "Many foreigners who have tasted our products have made international orders but we are not in a position to meet them." The main drawback is the lack of the Kirala fruit since the tree is being cut down by people who do not know its value. "We have launched a program to educate people in this regard and ask them to grow more trees." He said the project was launched with the assistance of Seacology of USA with the Ruhuna University providing the technical support. Kobian Technology (Pvt), Ltd Sales Executive Sumith Wickramasinghe said that the demand for computers is increasing. He said that most of the businessmen are taking a keener interest to have their accounts filed on computer. "They also want to browse the Internet to gain technology and find international buyers." The Sri Lanka Telecom official said that the number of connections in the area has increased by around 15 percent this year. Hambantota Chamber Director General M. Azmi Thassim said that they received 196 applications for their awards but the response from women entrepreneurs was poor. "We are hoping to conduct programs to woo women in to business." He thanked the Norwegian Embassy for the assistance provided for the chamber. Hambantota District MP, Mahinda Rajapakse who was the chief guest at the awards ceremony said that local firms should be given preference. The Korean Company, which took over Korea Lanka Company, has now abandoned it leaving over 3,000 employees. It is a local company which has come to the rescue of the employees. The 100-year-old Queens Hotel management had now been given to a foreign country when there are so many successful Sri Lankan hoteliers. "Though the contract to build Baseline road was taken by a foreigner it was sub contracted back to a local company." He said that due to this attitude the building industry is collapsing." He said that the government is also giving preference to international constructors especially in the construction and road development industry. This attitude should change since local businessmen have proved that they are up to international standards. Rajapakse said services such as health, education, and water management should never be given to the private sector. |
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