Bharatiya Yuva Shakti Trust (BYST) and Indian Bank (IB) celebrated its success stories of its joint-partnership scheme, created in 2007, for promoting young, underprivileged entrepreneurs, at an event held today, February 13th at Guru Nanak College Auditorium. The BYST- IB Excellence awards were distributed by the CMD Indian Bank Mr. Sundara Rajan to Entrepreneurs, Business Mentors and Indian Bank Branch Managers for timely disbursal of loans, and to recognize high growth enterprises – in wealth and employment creation. Loans were disbursed to over 60 entrepreneurs amounting to over 2.5 crores who will set up their businesses selected in Tamilandu.
The entrepreneurs recognized were Rajendran who started 2 years back with 4 lakhs and is in the process of reaching a turnover of 2 crores, Sarala, a finalist in the Global International woman entrepreneur of the year award 2009 & highest employment provider of 40 people and Muthulingam winner of the National Citi Group Awards 2009.
The Mentors of these entrepreneurs, Mr Kailash, Ms Parul Bhatt and Mr Haribhaskar & Indian Bank Branches which supported them with assistance from Old Washermanpet, Ambattur & Vadapalani were also commended for providing the high quality support. The Branch managers of Otteri and Porur were commended for completing highest loan disbursements. The DGM of both Chennai and Kancheepuram, Mr Ulagan & Mr S Sadagopan and the BYST Selection panel member representatives, Mr T L Viswanathan, Chairman, Mr T Victor & Mr Ramamurthy were recognized for their contribution in ensuring success of this scheme.
The over 200 senior participants from Business, financial Institutions, Government, Civil Society Organizations and youth leaders took an oath that they would help to support a youngster to take up entrepreneurship.
BYST, a non-profit at the forefront of entrepreneurship development working with business leaders across India. Confederation of Indian Industry (CII), its strategic partner has been a pillar of support from its inception bringing in active participation from the SME sector. A valuable partnership forged with the Guru Nanak College today was formalized with a letter of cooperation given to the Secretary & Correspondent Mr Sardar Manjeet Singh Sethi. Mr Sethi announced that the college would coordinate and cooperate in entrepreneurial development and business guidance.
Welcoming the gathering, Ms Lakshmi V Venkatesan, Founding Trustee and Executive Vice-President, BYST, said that “Funding and the desire to succeed alone is not enough if the start up businesses are to survive & grow, especially when they are set up by underprivileged young people”,. “Guidance through mentors along with a whole range of innovative business development services is essential to nurturing and sustaining small business start ups. Bharatiya Yuva Shakti Trust has created a unique role model for youth entrepreneurship all over India, many of whom has also become millionaires and has won national, international awards.
The support extended by financial institutions such as Indian Bank for its southern regional operations and Bank of Baroda for its Northern Regional operations and the support from International Finance Corporation for the BYST growth Fund is considered as a corner stone for scaling up. Banks have a critical role to play as government of India reports still show the gap between supply and demand for credit. BYST is thankful to Indian Bank and Mr Sundera Rajan for his vision in pioneering this joint scheme. He has kindly accepted our request to make BYST’s youth targets as part of his business plan.
Mr T L Viswanathan, Chairman, Strategic Committee, BYST, briefed the gathering on the background to initiate this kind of a scheme and role of each stakeholder underscoring the importance of each partner in making this scheme succeed.
Indian Bank Chairman, Mr M S Sundera Rajan said that IB is very happy to have done this partnership Mr. Sundera Rajan reiterated that it is successes of entrepreneurs like Rajendran, Sarala and Muthulingam, made possible through BYST’s extensive mentoring program in partnership with the business community that has encouraged IB to give it special focus. He added that IB is looking to ensure that credit flow for entrepreneurs remains healthy particularly in these financially challenging times. He further said that he was looking forward to extending this partnership to other regions in course of time & was keen to in build the targets of loans under this scheme in his annual business plan from 2010 to ensure reaching more numbers.
The guests were attracted to the exposition of BYST entrepreneurs produce. Products on display ranged from attractive colorful handicrafts, intricately designed garments, heavy engineering and industrial products produced by young entrepreneurs from BYST, they along with their Mentors proudly displayed their handiworks and keenly explained to the guests.
