CHURCHES Co-operative Credit Union is making agriculture the focus of its 2011 Entrepreneurs’ Award scheme this year.

The financial institution will provide $300,000 to tertiary students who submit viable business plans that can impact the sector, which is deemed critical to the growth of the Jamaican economy.

To qualify for consideration, a student should have at least a B average, must submit a comprehensive business plan for a small business enterprise and should be willing to go into business within six months of their college graduation.

Churches will award grants based on the feasibility of the business plan and the applicant’s enthusiasm and passion for the project, as demonstrated during a panel interview.

Launched in 2006, the Entrepreneurs’ Awards programme has been a critical part of the credit union’s strategy to drive the growth and development of local businesses. Since its inception, more than 14 students from local universities have benefitted, with close to $1.3 million in start-up funding disbursed.

“One of our expressed mandates is to assist in the national development of our country and we have never lost sight of this in our endeavours,” said Churches’ general manager Basil Naar.

He added that the credit union continued to make entrepreneurship a major area of focus for the provision of financial support, given their thrust to help Jamaicans realise “wealth creation, employment generation and ultimately economic development”.

“This year we are concentrating on agriculture to encourage students to conceptualise business ideas for that industry because it is one of the key pillars of the Jamaican economy and it has been identified as an area with tremendous potential for creating employment and vast possibilities for expansion,” Naar said.

In addition to receiving $300,000 in start-up capital, award winners will also be able to secure additional funding from Churches’ Micro & Small Business Loans Unit at preferential interest rates. And, as has been customary since the award scheme was launched, the credit union will assign a member of staff to mentor each of the winners and provide guidance and advice on establishing and operating a business.

Dr Kadamawe Knife, lecturer in the Department of Management Studies at the University of the West Indies, has commended Churches for their continued promotion of entrepreneurship.

“By the time a student wins an Entrepreneurs’ Award from Churches, the experience they would have gained would be immeasurable because they would have had to develop a comprehensive and implementable business plan and sell their idea to a panel of judges, which is definitely preparation for what they will face in the business world,” he said.

“Also, if the award funding is not enough to actually start their business, awardees can get additional financing to get going. And on top of that, they are not left on their own to figure things out because Churches gives them a mentor,” he added.

Knife also expressed strong support for the credit union’s decision to focus on the agricultural sector.

“Agriculture is critical for Jamaica because this is a sector that can really drive Jamaica forward, so once you get the young people to start thinking about entrepreneurship and agriculture you’re really doing a service to the nation,” he said.

Among the past award winners of Churches’ Entrepreneurs’ Award is University of Technology graduate Wayne Jones Jnr, who now owns and operates Hybrid Technology Solutions, a web development and graphic design company. Nathalee Dixon, proprietor of Dixon Creation’s, a clothing manufacturer, is also a former winner, as are Nicole Bryson and Rafique Hackshaw, partners in the highly successful agro-processing yam enterprise, Trelawny Delight.