I am a recent graduate of the University of The West Indies who has been finding it very difficult to secure any form of employment. It's almost been a year since I completed my studies and the Students' Loan Bureau is breathing fire down my neck stating that whether or not I am working, they want their money. I have been operating a small business at home where I rent video-game systems and CDs. This, however, does not provide me with nearly enough income to meet my loan obligations, especially under current circumstances where no one in my house is working.

It is my intention to expand my home business into a full-blown operation. I have already done the market research and formulated a business plan. I am, however, unable to source the $484,000 I need in addition to the $108,000 I have deposited in my account as start-up capital. I have visited numerous financial institutions and even the Development Bank of Jamaica and the Jamaica Business Development Corporation in an attempt to access the National Insurance Fund-funded small-business loan, but no one seems to be willing to take a chance on the young and ambitious of this country.

What I would like to know is if there is any other way or means available for a young individual like myself who has no substantial collateral to secure the funds needed. A prompt response would be greatly appreciated. Thank you for your time.

Ian

St Catherine

Angela deFreitas:

Dear Ian,

It might seem at times that the system is working against you, but do not give up. We are now in 'the age of the entrepreneur' so I think that more tangible changes will soon be apparent to help people who want to go this route. Ensure that you have registered a business (name) as this will help you to be taken seriously.

It is good to remember that most start-up businesses are funded by friends and family and not through loans from banks and other institutions, so examine this possibility thoroughly. The answer may not be in your household but in your extended family and friend circle.

sourcing loans

You did not, however, mention the credit union. If you have not yet joined one, then do so immediately. Your credit union can be a source of small, medium and even large loans for productive purposes, such as business, as time goes by. You will find them very friendly, approachable and supportive. You may just be able to change your luck through membership.

You must also think about networking with other persons, such as you, who have similar goals and objectives. This you can do by joining relevant associations and attending business-related events. In sharing experiences you may find solutions to your problems.

If you know you are on the right track with your business idea and