Source: UNDP Liberia
UNDP through its Business Opportunities Support Services (BOSS) project, awards grants to 4 of 5 companies that won a business competition.
Under an Entrepreneurship Challenge (Business Plan Competition) launched in partnership with the Booker Washington Institute (BWI) among graduating senior students and recent graduates of the Institute, 5 companies were declared winners of the competition with the best business plans, by a panel of judges last year.
The grants are between USD$8,000-USD$12,400, depending on the type of business. The 4 winners received 40% of the amount to be awarded, as a start-up to their businesses.
Presenting the checks on behalf of UNDP Resident Representative Pa Lamin Beyai, the Deputy for Operations Mulugeta Abebe, encouraged recipients to use the initial start up capital to grow businesses that will be models of success and attract more investment opportunities.
Mr. Abbe informed the grantees that award of the 60% will depend on how well the first trench is utilized.
The 5th company was left out because it is yet to complete the required documentations and processes.
As part of the competition, 24 business ideas were received from over 120 students. 12 ideas were selected and training was conducted in business development plan.
Out of the 12 business plans submitted and pitched, the best 5 were selected by the panel of judges following a rigorous process..
The companies set up are in the areas of hospitality, construction, food processing, car wash, and agri-business
The aim of the initiative is to promote entrepreneurship development among young people.