YouthBank and Economic Development

YouthBanks increase social and economic activity of rural youth. YBs organize capacity building of young entrepreneurs on basics of business model, organize mentoring and financial support to fund small-scale youth-led entrepreneurial initiatives.

Up to date 600 young people received and utilize an opportunity to develop entrepreneurship skills and get the basic understanding of how businesses are set up and operate, what is the legal infrastructure and advantages of small businesses. 44 youth-led businesses were started or improved through SME DNC’s support. 74 YouthBank committee members learn and practice a ways to support youth economic activity and entrepreneurial capacity especially in rural Armenia.

A module “Youth-led Entrepreneurship” for young entrepreneurs is available and can be replicated in different forms in various programs. Just the fact alone that more than 250 young people developed business ideas for small scale funding, is a significant result. Young people’s potential to start and run small business, engage in self-employment activities increases when practical mentoring is combined with small motivational monetary support. Other existing youth-led businesses receive an opportunity to expand their clients and markets, increase visibility of their products and operations, therefore - their wellbeing and self-confidence.