The Federal Government on Wednesday launched the YOUTHCRED for Entrepreneurs initiative to provide affordable loans for young entrepreneurs and improve access to business financing.
According to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the loan scheme is designed to provide between N200,000 and N2 million to 500,000 young entrepreneurs.
The programme, unveiled in Abuja, is aimed at expanding access to affordable credit for young business owners who often struggle to secure conventional bank loans because of collateral requirements.
Who can apply?
Applicants must be between 18 and 35 years old
Own or operate a business
Demonstrate responsible credit behaviour
Show evidence of cash flow and ability to repay the loan
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Loan amount
Eligible entrepreneurs can access loans ranging from:
Minimum: N200,000
Maximum: N2 million
How to apply
Applicants can sign up by visiting the YouthCred website, completing a short online application and undergoing a verification process.
Applications will be processed through regulated financial institutions participating in the YOUTHCRED programme.
How long is the repayment period?
Beneficiaries can choose flexible repayment plans ranging from one to 12 months, depending on what best suits their financial situation.
Is collateral required?
No. YouthCred says applicants do not need collateral or guarantors to qualify for the loan.
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Instead, the amount approved will depend on the applicant’s repayment capacity, credit behaviour and business cash flow.
What is expected of prospective applicants?
Meet the eligibility requirements.
