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Access To Finance - Barrier to Youth Entrepreneurship Development
Financial BarriersPersonal Savings & Borrowings from Family and Friends In most cases the youth do not have any avenues for saving money and accumulating the margin money needed for business. They are often required to raise the initial capital through the support of family and friends. In such cases the amount of funds that can be put together would be meagre and not sufficient to get going. Very often the youth would have to repay the education loan taken for funding their studies and hence will already be in debt servicing mode leaving no possibilities for saving any money. Such youth are not considered to be safe and are perceived to be potential risk by the bankers. Even if the youth has a very good business opportunity, the required technical knowledge and other capabilities to make it a success, financing the business becomes a major hurdle. Borrowing From FI & Banks The next option for the youth to finance their business venture is to approach banks and financial institutions to raise the required capital in the form of loan.
Overall, the youth find it very difficult to access finances for their start up ventures. Sometimes such difficulties can kill the entrepreneurial spirit or one could end up losing the business opportunity due to inordinate delays in arranging funding to kick start the business. This is the area where the Governments can get involved and help make it easier by providing solutions through special seed funding agencies, micro financing organisations and similar such networks that can back up the first time ventures of Young Entrepreneurs.
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