The Director-General of the National Youth Service Corps (NYSC), Brigadier-General Ibrahim Shuaibu, has advised the Federal Government on the need to create a trust fund that would financially empower all Corps members as they pass out from the National Service. Also check out how to apply for NYSC business loan.
Taking part in the National Youth Service Corps (NYSC) now comes with many opportunities. Besides the N33,000 Corps members monthly allowance, they have access to grants and loans, which would help start up a business after their service year.
Many Corps members have brilliant business ideas but lack funds to make them a reality. Therefore, if you are a corps member, all you need is to read this article till the end to know more about the NYSC Trust Fund (NYSCTF) initiative.
What is NYSC Trust Fund (NYSCTF)?
The NYSC Graduate and Entrepreneurship Trust Fund Scheme is a brainchild of the Bank of Industry (BOI) in alliance with the National Youth Service Corps to offer business loans to serving Corps members.
How NYSC trust fund (NYSCTF) works
If you want to apply and be selected for this loan, you must have partaken in the:
- Screening practice
- 4-day intensive training of GEF
- Submission of a feasible business plan within BOI’s policy. You can check on www.boi.ng.
How much can I access on loan?
As an applicant, you stand to access up to N2 million at 9% interest per year, with loan tenures of 3 – 5years. The moratorium time is 6 months from loan payment.
You can register for the loan on www.boi.ng/apply/register, and track your application with your tracking ID, which was sent to your email on www.boi.ng/track.
Who can access NYSC Trust Fund loan?
Only serving Corps members are qualified for this loan.
What are the required documents for the documentation?
- Workable business plan
- Valid ID card
- Supporting NYSC documents
What are the collaterals for this loan?
- NYSC certificate: undertaking will be signed by the NYSC Directorate to not release the certificate until loan is settled.
- One external guarantor who must be of: Level 7 civil servant, Banker (officer), Medical Doctor, Lawyer, Clergyman, Accountant, Elected public servant, Senior staff of reputable companies.
How can I pay back?
The details about the repayment plan will be made available to you upon the approval of your loan application.
Being a corps member is a once-in-a-life-time opportunity. You can make or mar your career as a corps member. It is highly important that you take advantage of the loans offered by the government to build your dream business and your career.