NYSC Secures N200M Bank Facility As Loans For Corps Members With Business Ideas

The Director General of the National
Youth Service Corp NYSC, Brig -Gen.
Johnson Olawumi today announced
that the scheme had secured a N200
million bank facility for disbursement
to corps members as loans to enable
them start any business of their
choice.
“We train these corps members in
the camp after the camp we have
partners all over the country where
corps members also receive training
throughout the service year.
Now, the issue is that when they get
this training they don’t have start-up
capital but we have been doing a lot
to see there is opportunity for them
to get startup capital.
We have the NYSC foundation as we
speak, the NYSC foundation has just
approved loan worth N10 million for
corps members.
Corps members based on the business
plan they submit could get as much
as N250, 000 and N400, 000. We
have also signed an MoU with Bank
of Industry though it is yet to take off
but we are working on it.
A couple of months ago, I also
approached Heritage Bank and
Heritage Bank is setting aside the
sum of N200 million under a package
where corps members will get a soft
loan and the only collateral they will
have to drop will be their discharge
certificate.
We are also talking with Central
Bank Governor to see that a micro
credit loan could be arranged
specially to address corps members
in this category.” he said