The State Coordinator of the National Youth Service Corps in Osun, Mr. Emmanuel Attah, has disclosed that the Federal Government has put plans in place to support corp members with lucrative business ideas with loans of between N200,000 to N2M to kickstart their business ventures after the service year.
According to Attah, the loan would be handed out in collaboration with the Central Bank of Nigeria, the Bank of Industry, as well as Small and Medium Enterprises Development Agency of Nigeria, which corp members would benefit from after they had gone through skill acquisition and entrepreneurial development programmes.
Attah stated, “Interested corps members, who have undergone the SAED programme, will be given loans of between N200,000 and N2m after the service year. The business proposal will determine how much will be given to each applicant.
“The loan will be interest-free and the NYSC discharge certificates of interested corps members, who apply for the loans, will be used as the collateral. The discharge certificates will be subsequently returned to them after repayment of the loan, which has no time bound.
“The SAED programme and supporting loan were put in place after the NYSC observed that youths, after the service year, always end up unemployed and roaming the streets looking for non-existing white collar jobs.
“The skill acquisition programme will empower corps members after the service year to be self-employed and also be employers of labour. This will also reduce their involvement in criminal activities.”
Meanwhile, Mr. Emmanuel Ojoowuro, the Head of BoI in Osun State said that the loans which would be given to corps members would be in the form of business items financing for the beneficiaries.
He added that the items and materials would be given to the beneficiaries and that the loan could be as low as N200,000 or as high N2m, all these dependent on the nature of the business to be established. He noted that the SAED and start-up loans given out to corps-members in the last three years had been successful with many positive developments.