Serving Youth Corps members, non-NYSC (not more than 5 years post NYSC) and artisans of Nigerian descent and in Nigeria can now apply to get loans of up to ₦10 million for the Youth Innovative Entrepreneurship Development Programme (YIEDP).
The YIEDP is an initiative of the Heritage Bank Nigeria aimed at providing youths with timely and affordable loans to implement their business ideas.
Single applicants can access loans of up to ₦3 million while group projects jointly owned by 3-5 qualified beneficiaries can get up to ₦10 million. The jointly owned businesses will operate as registered partnership.
The loans provided by this programme are not equity finance but debt financing, which means that beneficiaries do not lose any part of their business, but get to repay the loans normally over a given period of time.
Applications can be facilitated through the Heritage Bank Portal as the on-line portal will be open for a limited period.
Businesses that hope to apply do not need to be registered with the Corporate Affairs Commission as qualified applicants will be guided through the process of registering their businesses.
YIEDP will be conducted in streams and applicants can only submit one business idea each for a stream and wait for the next stream. Date for each stream will be made known to the general public via the bank's websites and other news media.
Processing the application is free and status can be tracked on the portal and the bank will also notify successful applicants via their email addresses.
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