Young Entrepreneurs

Through our Young Entrepreneurs program, SosteNica continues to develop the local economy by supporting Nagarote’s youth interested in advancing their own small businesses. The program began just over one year ago, with the support of MLAL (the Lay Movement for Latin America). Based on the early success of the program, other organizations have asked SosteNica to teach their young people, using this constructive model. Compassion Ministry (Ministerio Compasión), an Evangelical Christian program in Nicaragua, is one such organization. Compasión supports youth development throughout the country. Their adult leadership visited our EcoCentro facilities to observe our Young Entrepreneur training. Shortly after their visit, we signed an agreement to provide services for 20 new young people to be trained using our concepts, ideas and technical assistance, prior to the launch of their small businesses.

Thanks to donors like you, SosteNica, together with MLAL, created a social loan fund in which every young person who completes the training process with a convincing idea qualifies for seed capital with which to start a small business.

For the past three months these young people have received training from our business specialist facilitators. Some of the new business ideas being developed include: cabinetry and wood working; a beauty salon; a bakery; and even a sea salt evaporation plant. A panel of experts will analyze each proposal, evaluating which projects have potential for success. The program goal is to incubate 20 then launch at least five new companies within the municipality. These businesses would generate employment (both direct and indirect), would help to grow the local economy and, above all, would support a cohort of young adults in developing their business skills.

One participant is 18-year-old Alexander. While many young people enter university with no idea what the future holds in store for them, Alexander began his university studies with a clear plan and intention. “My goal is to build a salt production company by the ocean. I am taking advantage of the opportunity that SosteNica is providing to sharpen my business plan. I will continue studying for a professional career, but I already have ambitious goals. SosteNica is helping me to focus my studies!” The recent social unrest in Nicaragua has made it difficult for many young people to get a start. As a result, some young Nicaraguans are choosing to immigrate to Costa Rica, Mexico, or the US. This program offers Alexander an alternative. Alexander continued: “I worried that I would not have adequate funding for my project, given that my start up costs are rather high. It’s possible that SosteNica will support me, if my project qualifies.”

"SosteNica definitely supports solid dreams if backed up with concrete plans," our director assured him. "We encourage young entrepreneurs with ambitous start up budgets to execute their plan little by little. No one can run without first learning to walk."

Several of the program participants have begun to craft funding requests for SosteNica to consider. SosteNica’s Entrepreneurship Facilitator – Professor Roa, noted: “We are ready to present the first business plans. With the support of Youth Leaders of Compassion, they have finalized their investment requests. We have conducted surveys to know which businesses are viable within an economic sector. We have quoted equipment prices and have visited each company’s proposed site. It is clear that we are supporting the development of these young people. Today, more than ever, we want to support Nicaragua’s youth.”

If you believe in the value of supporting small-scale, start-up businesses owned by young entrepreneurs, please donate to SosteNica and share this report with friends and family. The more money we have in the revolving loan fund, the more micro-business start-ups we can support. Thank you for your interest in this work.

Links:

• SosteNica's home page