The Central Bank of Nigeria in partnership with the National Youth Service Corps NYSC and the Heritage Bank has launched a Youth Innovative Entrepreneurship Development Programme.
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.
Those eligible to participate in this programme include
- Serving youth Corps members
- Non-NYSC (not more than 5 years post NYSC)
The activities to be covered under the Programme are startups and expansion projects for serving and young graduates.
Nature of the loan facility
A Single Applicant can access up to a facility limit N3m while group project jointly owned by 3-5 qualified beneficiaries can access up to a facility limit of N10m. The jointly owned businesses will operate as registered partnership.
You don’t need to register your business in order to be eligible to apply. However, business registration will enhance the growth of the business and hence entrepreneurs will be guided on business registration and its benefits.
The Program shall apply to qualifying businesses of these individuals in registered enterprise and group of individuals in registered partnership. The Bank may however assist in the registration process.
Nature of Collateral
Graduate entrepreneurs will use their tertiary institution(s) certificate(s) and their NYSC discharge certificate. Serving Corp members will pledge their NYSC discharge certificate and their tertiary institution(s) certificates(s). Also, legal ownership of assets financed by the Bank and 3rd party guarantors will be requested as additional collateral from all entrepreneurs.
How to apply
Application is only by online registration via Heritage Bank Portal. Applications can be submitted using the online portal of other lending banks subsequently.