IN a bid to ease the impact of growing unemployment, First Heritage Co-operative Credit Union Limited (FHC) has offered financial grants to final-year university students interested in starting their own businesses after graduating.

“In spite of the adversity we face, there are still a lot of opportunities to create successful businesses in Jamaica,” said Sophia Richardson, manager of micro and small business loans at FHC.

“Entrepreneurship is an important part of our culture, and it is through this enduring creative and innovative spirit that we will be able to create jobs, lower our country’s unemployment rate, and establish a flourishing and robust economy.”

According to STATIN, the youth unemployment rate currently stands at 32.2 per cent, which is almost three times the national average of 12.8 per cent. Fourteen to 24 year olds are faced with overwhelming challenges, FHC said, and a growing number of persons over the age of 65 are choosing to remain or return to the workforce due to financial difficulties.

“As part of its corporate mandate, FHC has been offering financial instruments and support programmes to promote entrepreneurial ventures in Jamaica. Since 2006, the organisation, prior to its merger in August 2012, has been identifying and fostering future business leaders at the tertiary level through its Entrepreneurs Awards Programme. This programme offers grants to individual students or groups who submit a comprehensive business plan which they intend to execute once they have completed their studies,” FHC said.

Business plans are reviewed by a panel of FHC executives and other business management experts based on feasibility, financial projections, marketing, and operational plans.

The 2012 initiative was officially launched late last year and this year has been expanded to all the island’s major tertiary institutions. Three winners will be selected, each receiving $300,000. Since the inception of the programme, approximately $1.5 billion in business grants have been awarded to the winners.

“I was able to use my prize money to invest in additional equipment and material, and cover transportation expenses,” said Elroy Williams, CEO of Nature’s Pure Honey and the winner of the 2011 Entrepreneurs Awards Scheme.

“Although the capital was critical for the expansion of my business operations, I was also very happy to be paired with a mentor who encouraged me and kept me focused on my goals.”

Richardson reiterated that instead of browsing the job sites and searching through the newspaper career pages, graduates should note that First Heritage offers a viable alternative in their Entrepreneur Awards Programme.