YBSL assists Jaffna youth entrepreneurs

Jaffna is bustling with renewed energy these days; new shops are opening up, shops now carry more stocks, people who have vacated Jaffna are coming back, transport is no longer as big a problem as before, people from the south visit Jaffna; all good signs of a brighter future for the area.

“There is an atmosphere of hope, for business to take off again,” said Pushparaja Janaki, a 26 year old mother from Point Pedro, who runs a hand bag /school bag manufacturing business with her husband.

“During the last few months, our business has expanded and we were able to get more orders from our participation at the Jaffna International exhibition held recently” she said.

Pushparaja Janaki is one of the beneficiaries who received financial assistance to start and expand her small business through the YBSL program being implemented by Chamber of Commerce and Industry of Yalpanam.

This entrepreneur support scheme has helped young entrepreneurs, who are either running self employment businesses or have had an idea of starting a business, but did not have capital to do so. Being isolated for a long period due the conflict, these youth do not have any collateral to raise funding or securable assets, or even guarantors. In addition to providing an avenue to improve the livelihoods, these youth have resurrected the traditional businesses Jaffna was famous for.

Thivendran Sujeevan of Nallur, restarted his father’s business of making aluminum pots for household use, and now manufactures large pots with new casting moulds and increased capacity with the funds from YBSL. “Larger pots have a higher demand and we get a good profit”, he said. His makeshift foundry does not have enough space for increased production and he is planning to shift to a spacious location.

“We are glad the Ceylon Chamber of Commerce selected the Yalpanam Chamber for YBSL funding support and through the program we have supported fifteen Jaffna youth to start businesses and they are doing very well”, said the Chamber Chief Executive Officer Yogarajah Sarawanamuttu.

“We select the most deserving and disadvantaged youth with viable businesses and link them with an experienced business mentor, and the repayments are 100 percent, he said.

The funds are given at a concessionary interest and have to be repaid back in twelve months. The Yalpanam Chamber plans to disburse more loans from the revolving fund.

“We see the YBSL as a proven model to assist youth to realize their dreams, by promotion of engagement in business, and this is not yet another micro finance project, but the cause goes beyond that”, said the Ceylon Chamber Commerce Secretary General Harin Malwatte.

“The Jaffna program highlights what could be achieved by investing in youth, and the CCC is willing to support further as a social responsibility to uplift the living standards of Jaffna youth”, he said.

YBSL is operational in six districts of Sri Lanka up to date. The funding for the YBSL Jaffna program was provided by CACCI Foundation and International Alert.