N200 Million Bank loan to be disbursed to corps members as a way of motivating them towards entrepreneurship and business ownership in Nigeria.
Last week, the National Youth Service Corps (NYSC) stated its effort in securing over Two hundred Million Naira (N200M) to be disbursed to corps members to enable them start up their own business.
This new development and effort was reached as one of the the National Youth Service Corps scheme is entrepreneurship enhacement through the Skill Acquisition and Entrepreneurship Development (SAED), which is geared toward educating as well as equiping the corps member during 21day NYSC orientation, after orientation and life after youth service year.
Finance has been seen as one of the problems of corps members in starting their own business. To this, Brig.-Gen. Johnson Olawumi, the Director-General of the corps told the Commander, Guards Brigade, Nigerian Army, Brig.-Gen. Musa Yusuf, when they paid a familiarisation visit to the NYSC Headquarters in Abuja:
“That has been a challenge; we train these corps members in the camp after the camp we have partners all over the country where corps members also receive training throughout the service year.
“Now, the issue is that when they get this training they don’t have start-up capital but we have been doing a lot to see there is opportunity for them to get startup capital. We have the NYSC foundation as we speak, the NYSC foundation has just approved loan worth N10 million for corps members.
“ Corps members based on the business plan they submit could get as much as N250, 000 and N400, 000. We have also signed an MoU with Bank of Industry though it is yet to take off but we are working on it.
“ A couple of months ago, I also approached Heritage Bank and Heritage Bank is setting aside the sum of N200 million under a package where corps members will get a soft loan and the only collateral they will have to drop will be their discharge certificate.
“ We are also talking with Central Bank Governor to see that a micro credit loan could be arranged specially to address corps members in this category.”
The Director general also said that the National Youth Service Corps, under the sponsorship of the World Bank, was currently partnering with an international organisation to train corps members who are interested in moving into the building and property development sector.
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The development so far will be a very good one as the SAED programme has always taught the corps members during orientation on why they should imbibe the spirit of entrepreneurship and has failed to teach them the HOW.
With the HOW puzzle solved which NYSC is expected to implement in no less time, corps members will now have all they need to move into business.
My advise: If you are not sure that the Business plan is written by you and that you understand everything you have written as well the break even point, you might consider not going for this loan as your NYSC certificate might be at risk should you fail to pay back or in the case of unforseen contingencies.
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