On October 16, 2023, the CDB agreed to provide the YEA with XCD 20 million in loan-grant funding. According to the YEA, these funds will provide funding for an additional 3,000 young entrepreneurs in Saint Lucia.

“This is a pivotal moment. It marks the official sealing of our cooperation to increase the economic participation and engagement of the youth population who are between the ages of 15 and 35 in business enterprises in Saint Lucia. The Youth Economy Agency is transformational, in that it is designed to expand access and opportunities,” said Isaac Solomon, CDB Vice President of Operations.

An official fact sheet from the YEA disclosed that over 1,000 applications were received since the Agency’s commission in April 2023. So far, there have been over 500 interviews between applicants and business development officers. The Agency also disclosed that 253 grants have been disbursed so far.

The Prime Minister says the goal of the Agency continues to be ensuring it is apolitical and young entrepreneurs are treated fairly. “I wanted us to be sure that this agency was apolitical. The Youth Economy Agency is a concept that I thought of. I've not been in that office except once. I want the best ideas to be funded. In the final analysis, when one person rises, they take the others with them. You must create economic empowerment,” the Prime Minister said at the ceremony.

According to the YEA, there is a 6-month training period for applicants to help in improving their skills and competencies.