A cheque for $100,000 plus wise guidance
YOUTH BUSINESS Hong Kong (YBHK) was set up in July last year by the Hong Kong Federation of Youth Groups. It works in partnership with the business community to provide financial assistance for business start-ups and to support young people with a mentorship programme and training.
A maximum of $100,000 is provided for each successful applicant in the form of an interest-free loan. A review panel determines the actual amount.
Those interested in applying should submit a business plan and credit records. Shortlisted candidates go through two rounds of interviews during which they present their proposals.
'It is good if candidates have some work experience relevant to the business they are planning,' said Henry Fok, development officer of the Hong Kong Federation of Youth Groups.
'Summer jobs and part-time experience also count for something.'
Experienced executives or business owners act as mentors for successful candidates. They work closely with the young entrepreneurs for the first two years, giving them advice and encouragement and monitoring their financial status.
Applicants for the YBHK scheme must be Hong Kong permanent residents aged between 18 and 35. They can be planning to start a business within a year or have a company that has been operating for no more than three years.
