Have you contributed N500 or N1,500 to the NYSC Foundation
during your service year?
Are you an ex-corps member with a desire to kickstart your business? If so, you're in the right place! This post is your comprehensive guide on how to apply for the NYSC Foundation loan, offering financial support to empower and uplift the entrepreneurial aspirations of former corps members.
Understanding NYSC Foundation:
The NYSC Foundation is a non-governmental organization
created by former corps members to sustain and enhance the NYSC scheme. Its
mission is to provide financial support by offering loans to individuals
seeking to establish small or medium-scale businesses.
Eligibility Criteria:
NYSC Foundation loans are available to ex-corps members and
current corps members nearing the completion of their service. If you've
contributed N500 to your LGI for the NYSC Foundation and filled out the
membership form, you are eligible to apply for this loan.
Application Period:
There's no specific deadline for applying for the NYSC
Foundation loan. You can submit your business proposal whenever you're ready.
Whether you're a recent graduate or have been out of service for some time, the
opportunity remains open.
How the NYSC Foundation Loan Works:
- Loan Term: 2 years
- Loan Amount: Between N300,000 and N400,000
- Annual Interest Rate: 10%
- Collateral: NYSC discharge certificate (or pledge your
NYSC discharge certificate if you're still in service)
- Civil servant guarantor required
Requirements for Loan Application:
1. Application letter
2. Business proposal
3. Photocopies of evidence of being a registered member of
the NYSC Foundation
Application Process:
1. Ensure all payments for foundation membership
registration are receipted and credited to the NYSC Foundation account:
- Account Name:
NYSC Foundation
- Account Number:
1011560875
- Bank: Zenith
- Sort Code:
057080015
2. Deliver copies of the letter of intent, available at all NYSC Secretariats, to the NYSC Foundation.
Tips for a Successful Loan Application:
- Craft a well-detailed proposal document.
- Focus on business ideas with the potential to generate
profit within the 2-year repayment period.
- Consider proposing existing businesses, as they often
receive favorable loan approval.
How to Apply:
Submit your proposal to any nearest NYSC State Secretariat
across Nigeria.
Embark on your entrepreneurial journey with the support of the
NYSC Foundation. Your dreams are just a proposal away!
For further assistance or inquiries, feel free to comment
below.
