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How corpers can access N2.5 billion CBN Loan

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Corps members with entrepreneurial mind-set can heighten their hopes of being beneficiaries of the N2.5 billion loan reserved as start-up for members of the scheme with profitable business ideas.
The Central Bank of Nigeria (CBN) revealed that the N2.5 billion loan earmarked for corps members was part of the N220 billion Micro, Small and Medium Enterprises Development Fund from Youth Innovative Entrepreneurship Development Programme (YIEDP), an initiative to create one million jobs.

Corps members with entrepreneurial mind-set can heighten their hopes of being beneficiaries of the N2.5 billion loan reserved as start-up for members of the scheme with profitable business ideas.
The Central Bank of Nigeria (CBN) revealed that the N2.5

Corps members with entrepreneurial mind-set can heighten their hopes of being beneficiaries of the N2.5 billion loan reserved as start-up for members of the scheme with profitable business ideas.
The Central Bank of Nigeria (CBN) revealed that the N2.5 billion loan earmarked for corps members was part of the N220 billion Micro, Small and Medium Enterprises Development Fund from Youth Innovative Entrepreneurship Development Programme (YIEDP), an initiative to create one million jobs.
Corps members whose proposals are accepted can benefit up to N3 million loan as individuals and N10 million as a group, from the Apex bank in conjunction with Heritage Bank to start up their businesses and build the nation’s entrepreneurship capacity.
YIEDP will be conducted in streams and applicants can only submit one business idea each per stream and wait for the next stream.

Interested corps members with ideas that target areas such as agriculture, cottage industry, mining and solid minerals, tourism, arts and crafts, Information and Communications Technology and any other activity (determined by the CBN) can freely register through the http://www.yiedp-hbng.com portal, with the willingness to use their degree certificates as well as their NYSC certificates as collateral.

CBN Governor, Godwin Emefiele, addressing corps members at the NYSC camp, Abuja said, “It is not a grant and it is a loan that must be repaid. We are determined to give support to the youth and I truly must thank the National Youth Service Corps, which has helped us to put together the first set of NYSC beneficiaries so that we can nurture them as young entrepreneurs, not as people who go into the world looking for jobs.
“We want to nurture them as people who are developing the entrepreneurial spirit and entrepreneurial skills; not only for their good, but also for the good of the country.”
In addressing the loan repayment, the CBN Governor opined that, “I don’t think that somebody who has a degree certificate or HND certificate to get gainful employment or a gainful life will abandon his certificate or his NYSC discharge certificate just because he wants to take a loan and not pay back.
“We do not anticipate that any of them fails. We know that our youths know the importance of their degree certificates as well as their NYSC certificates as collateral for this loan.”
The recently appointed Director-General, of the National Youth Service Corps, Brig.-Gen. Sule Kazaure, had gladly commended the CBN and Heritage Bank for initiating the programme.
Seyifunmi Adebote for encomium.ng

 

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