Frequently Asked Questions

Entrepreneurs

Q. What documents do I need to present to YBTT?

At the enquiry stage, young entrepreneurs will be advised on the documents needed to continue the application process. However, applicants must present a valid TT Identification Card or Passport.

Each young entrepreneur should complete a Business Plan and return it to YBTT’s offices as soon as possible, along with the requisite supporting documentation.

Clients are advised that statutory requirements (e.g. County Medical and Health Approval, etc.) must be fulfilled before disbursement.

Q. How do I repay my loan, and what is the maximum repayment period?

Loan repayment is on a monthly basis and the specific repayment amount depends on the loan size. A maximum repayment period of 48 months can be obtained and a moratorium period of up to six months can be applied.

Q. Can partnerships access funding?

Partnerships can be funded, but are limited to 2 persons. Both parties must meet YBTT’s lending criteria at the enquiry stage.

Q. Can persons with an existing business access funding from YBTT?

Persons with existing projects can be funded, but these businesses must be less than three years old and must lead to an increase in employment.

Mentors

Q. Who can be a Mentor?

Anyone who is willing to commit to supporting a Young Entrepreneur in making his/her business successful.

Q. What am I supposed to do?

There are no hard and fast rules. Think about it as you would help a younger family member. Don’t do the work for them or force your ideas but listen and offer emotional support and encouragement. Be at their side for the journey.

Q. What does the ‘commitment’ mean?Partnerships can be funded, but are limited to 2 persons. Both parties must meet YBTT’s lending criteria at the enquiry stage.

Commitment means spending at least 3 hours a month with the Client which will include one face to face meeting/month at the Client’s business or Mentor’s workplace and electronic contact. Eg. Telephone, email, text messages.

The commitment is at least for the period of the loan which on average is 24 months.

Information must be forwarded to YBTT each month either by phone or preferably via email/website. (Information may include client project status and action/training recommended).

Q. Who will I mentor?

You will mentor a young person (18 to 35 yrs) from various backgrounds and educational standards covering a variety of projects. YBTT will try to match geographical locations to suit both Mentor and Client. It’s up to you if you want to mentor more than one Client.

Q. Will I meet the Client assigned to me before the period of engagement?

Yes, there will be an initial meeting to determine fit and suitability prior to the engagement.

Q. How are the meetings scheduled?

These arrangements need to be agreed between the Mentor and the Client early on in the relationship to the mutual benefit of both

Q. What if the Client doesn’t want to meet with me or doesn’t listen to my suggestions?

Through the monthly feedback, it will become apparent if the relationship isn’t working. YBTT will work with you and the Client to resolve the issue even if it means reassignment.

Q. Can I invest in my Client’s business?

Once the Client still has an outstanding loan with YBTT, this is not allowed. Similarly any personal financial contribution from the Mentor to the Client to assist with loan repayments or anything else is not allowed.

Q. When will I start being a Mentor?

When a project is approved with a Client in your geographic area we will contact you to start the process. This can be up to a few months after you have signed up.

Q. What’s in it for the Mentor?

The development of softer skills, leadership skills and the satisfaction of contributing to the success of a young entrepreneur’s business. There is also the opportunity for Mentors to network with other Mentors and business leaders.