Are you a Member of the National Youth Service Corps (NYSC) or ex member seeking a government loan to kickstart a business in Nigeria? If ‘yes’, this article provides you with the guide on how to apply for the NYSC business loan in Nigeria. Read on to discover the eligibility criteria, benefits, and the application process. You may also like to read how to apply for NYSC foundation loan in Nigeria.
What is NYSC Loan?
The NYSC business loan is a unique opportunity facilitated by the Central Bank of Nigeria and Heritage Bank, in collaboration with the Youth Innovative Entrepreneurship Development Programme (YIEDP). This initiative aims to empower graduates by providing financial support to start businesses, fostering self-employment, and creating job opportunities.
Eligibility Criteria
To qualify for the NYSC business loan, applicants must meet the following criteria:
- Age bracket of 18 to 35 years.
- Serving Corps members or ex-Corps members (within 5 years of post NYSC).
- Must have a feasible business idea.
Loan Amounts and Categories
Individual applicants can access up to N3 million, while a group of 3-5 applicants can apply for a loan of up to N10 million.
Eligible Business Sectors
The loan is available for businesses or business ideas in various sectors, including Agro-allied, Technology (ICT), Automobile, Power & Energy, Film and Photography, Construction Support, Education and Financing, Food Processing, Information and Communication Technology (ICT), Manufacturing, Cottage Industry, and others.
Application Instructions
1. Apply through the official portal.
2. Use your NYSC State Code for the application.
3. Apply individually or as a group of 3-5 people.
4. Individual applicants can access up to N3 million, while groups can access up to N10 million.
5. Submit one business idea at a time.
6. Track your application process through the portal.
Collateral Requirements
Applicants must provide specific documents, including Tertiary Institution Certificate, NYSC discharge certificate, or a pledge if still serving, and additional documents if assets are financed by other banks.
Application Process
1. Visit the official portal: https://www.yiedp-hbng.com/
2. Register by filling out the online form.
3. Submit your application.
4. Await an official review from Heritage Bank.
5. Successful applicants will be contacted, and funds will be deposited into their bank accounts.
Conclusion
The NYSC business loan is a golden opportunity for young entrepreneurs to turn their business dreams into reality. Act now by visiting the official portal and applying for this transformative program.
Remember, the application process is free, and the portal will be open for a limited time. For more information, check out the NYSC Foundation Loan program. Seize the chance to kickstart your entrepreneurial journey.
Yes I have idea on my business (communication centre) and am a serving corps member am interested in the loan how can I get it??
Pls how can I login,the account is not opening sir
Am interested, but the site is not working. How can I get access to this?
Am interested in the loan how can I apply?
Am a corp member still serving. Please how can I get the loan? And am ready to meet all the criteria stated.
Is a good innovation but the portal is not going through.
Sir I need the loan to start up my leather foot ware production, aside from heritage bank, which other banks are partnering directly with CBN. Please I need this loan, thanks.
Am interested in the loan and how can apply for it please help me out with it
I am interested in the loan in order to participate in the area of Agriculture as reason approaches. Though, I am an ex-corp member that completed the service in 2019
Am interested in loan please help me to get it
Am interested
Iam also interested.how can apply
I’m interested thanks
Am also interested
How can I access the NYSC CBN loan?
How can I access the website
Lo really need the loan to grow my business
Please I am interested in the loan and it is urgent for me smto see, how can I apply for it, and when is it going to ready?
If the loan is truely giving to ex corpers or the existing ones it will really help
I am interested in the loan. i tried login to the main site but it is not active. How can i access the loan please?
Interesting, if really Corp members can access the loan it will assist and help this country to reduce the rate of poverty and unemployment. It’s welcoming development.
…Please how can I apply for this loan?
How can someone get a current business plant?in Automobile.
How many months or years will it take before i pay off d loan and how will i return the money
For CBN loan for Corpers, it is usually 7years
How can I apply for the loan???
Am also interested on the loan