NYSC FOUNDATION LOAN SCHEME
This is to bring to the attention of all serving NYSC corp member and ex-corp members that the Board of Trustees of the NYSC Foundation, propelled by the need to reduce the problems facing the youth of Nigeria, launched a Soft Loan Scheme to empower exiting and ex-corps members to establish small scale businesses. So, if you desire to become an Entrepreneur, here is an opportunity.
NYSC Foundation is a non-governmental organization, established by former corps members who felt there is need to provide support for the continued healthy existence of NYSC scheme by empowering members and giving loan to those who needs financial assistance to help start up a small or medium scale business.
Subscribing to membership of the Foundation would cost an individual a token of N500.00 if it is done before passing out exercise (during National Service) while it is N2,000.00 for ex-corps members (after National Service).
How it Works
Loans are given to interested ex-corps members who have business ideas but do not have a reasonable amount of capital to start-up the business. The loan is payable.
NYSC foundation is basically for ex-corps members and corps members who are about to pass out from service.
If you pay N500 to your LGI for the Foundation and fill the membership form, then you are eligible to apply for this loan..
When to apply for NYSC loan
it is never too late to submit your proposal for NYSC foundation loan. You can submit anytime you’re ready with your proposal.
- Application letter
- A business proposal
- Photocopies of evidence of being a registered member.
NYSC Foundation: N400,000.00 maximum
Moratorium (Grace Period): 3 months
Duration: 24 months
Eligibility: Registered members of the Foundation
Charges: 5% one-time administrative charge
Collateral: NYSC Discharge Certificate
Guarantor: Not below grade level 12 in a government establishment or its equivalent in the private sector
How To Secure Loan
- Do not submit a one paged proposal document, It must be well written and detailed.
- Don’t write business proposals on busineses that will take long to mature or make profit to repay in two years
- If possible, write a proposal on existing business.
Note: All payments for foundation membership registration should be receipted and credited to the account below:
Account Name: NYSC foundation
Account No: 1011560875
Bank: Zenith Bank
Sort code: 057080015
Also, all letter of intent can be obtained at all nysc Secretariat and are to be delivered to NYSC foundation.
How to Apply
Interested applicants should submit their proposal at NYSC secretariats across Nigeria.
For more enquirys, please Click Here to visit the official site of NYSC foundation loan.