How to Apply for NYSC Business Loan (2024)

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.