Serving and former members of the Nigerian Youth Service Corps members have the opportunity to apply for entrepreneurial loans of between NGN3 million (US$15,000) and NGN10 million (US$50,000) through a partnership between the Central Bank of Nigeria (CBN) and Heritage Bank.
Heritage Bank has been selected by the CBN as the pilot bank for the Youth Innovative Entrepreneurship Development Programme (YIEDP), which is aimed at providing business loans to current NYSC members and those that left the service within the last five years.
The programme is aimed at harnessing the latent entrepreneurial spirit among the teeming youths by providing timely and affordable loans to implement their business ideas,” Heritage Bank said.
“This further provides a sustainable mechanism to stimulate employment, contribute to the nation’s non-oil GDP, and address the challenge of youth restiveness.”
Young entrepreneurs with businesses in, among other things, the ICT sector are encouraged to apply online for loans, with individuals able to access up to NGN3 million in credit and group projects – with between three and five qualified beneficiaries – eligible for up to NGN10 million.
The loans are not in exchange for any equity in the business, nor do applicant businesses need to be registered with the Corporate Affairs Commission (CAC). Applications are free and can be tracked on the online portal.