Join us
 |
 |
 |
|
FAQ
Who is eligible?
What if I do not know how to write a business plan? Not to worry. YBS has come up with a guided business plan for you to fill in and our staff are available to assist you should you require any assistance.
How does the selection process go?
Why go through a two stage process? Would it not be simpler and faster to go through a one-stage application? Our main reason for a two-stage process is to make it convenient for all to apply. By having a 2-page application in the first stage, we hope that anyone with an idea will readily submit their application, and if they are not shortlisted, they would not have invested more effort as only shortlisted applicants need to fill up the detailed business plan.
When does the application close? There is no deadline. We will process all applications within two weeks upon receiving, subjected to time and other conditions.
What is the commitment period? Successful applicants will have to sign a Letter of Agreement with us and with their mentor for the start-up phase of their business. The period of commitment depends on the nature of the business. In the long run, we hope that you will pay tribute to our society and continue to promote the spirit of entrepreneurship to the younger youths via assembly talks in schools or other relevant seminars.
Where must the business project be based? Should it be in Singapore, Asia or anywhere? Your project can be based anywhere in the world, however in the initial start-up phase, we strongly advise you to base it locally.
Our project is in the midst of implementation, but in the early stages. Can we apply? Our emphasis is on catalyzing new ideas and initiatives. However, we are open to accepting projects in the pilot stage, but we will give priority to potentially viable ideas that are new or enhanced.
What is the maximum fund that I can apply for? YBS will be giving loans up to $10,000 per youth entrepreneur, depending on the business idea and SPRING Singapore is partnering us with a 4:1 matching. For projects that are very innovative and have scalability potential, SPRING Singapore will match the $10,000 loan from YBS, for a grant of up to $40,000. Thus, the maximum funds you can obtain is $10,000 + $40,000 = $50,000
Do I stand a better chance if I ask for more or less money? No. All applicants are given full consideration based on the feasibility of the business plan regardless of the amount of money required by the applicant.
Is the loan interest-free? Yes. However, entrepreneurs are required to make repayment of the full loan by the end of the third year, subjected to the nature of the business plan.
Can the business loan/grant cover manpower costs, equipment cost, rental, etc? The money is meant to cover all the reasonable costs of implementation that is needed to get the project going. You may include any costs you consider that are reasonable.
What are the consequences for late repayment? To be determined on a case-to-case basis.
Do I have the liberty to choose my own mentor? Unfortunately, no. Mentors will be given the liberty to choose the projects that they are interested.
How will I benefit as a YBS entrepreneur? / What other consultancy services do YBS provide? Successful applicants will be assigned to a personal mentor who will walk the entrepreneurs through the start-up phase of their businesses. In addition, we have a pool of specialist mentors who are domain experts in accounting, marketing and communications. All YBS entrepreneurs have access to these specialist mentors.
How can I benefit from YBS even if my application is rejected? YBS will be conducting several entrepreneurship workshops, trainings and seminars yearly. More details can be found on our website in due time and we welcome people of all ages between 18-35 years old to sign up. However, do note that there is a minimal fee.
|