1. What is YEDP?
YEDP stands for Youth Entrepreneurship Development Programme. The Programme is aimed at harnessing the latent entrepreneurial spirit among the teeming youths by providing timely and affordable loans to implement their business ideas.
2. Who can apply?
I. Serving youth Corps members
II. Non-NYSC (not more than 5 years post NYSC)
III. Artisans
3. How do I apply?
Application is only by online registration via Sterling Bank Portal. Apply Here
4. What type of businesses can apply?
The activities to be covered under the Programme are startups and expansion projects for serving and young graduates in the following sub-sectors:
• Agricultural Value Chain (fish farming, poultry, snail farming etc)
• Cottage Industry
• Creative Industry (tourism, arts & craft)
• Information & Communication Technology (ICT)
• Any other activity that may be determined by CBN from time to time.
Note: The funds are not permissible for trading and refinancing.
5. Must I be registered with CAC to apply?
No. It is not only limited to limited liability company but business registration will enhance the growth of the business and hence entrepreneurs will be guided on business registration and its benefits. The Program shall apply to qualifying businesses of these individuals in registered enterprise and group of individuals in registered partnership.
6. Will I loose full ownership / control of my business?
No. The program is a structured funding arrangement that will give you full control of your idea and allow you nurture it to success.
7. Does the bank own a part of my business?
No. Ownership of the business is solely that of the Applicant. The program provides a loan and not a grant facility. Government has no claim on your business but the loan is a bank facility that will assist to grow your enterprise, become a successful entrepreneur.
8. Is there a limit to how many applications I can submit?
Yes. An applicant is only required to send in one business proposal. However, you can refine your business ideas after submission of your business proposal at the bank’s request.
9. Can I change my business idea after I’ve already submitted an application?
No. applications are assessed and shortlisted based on business ideas submitted.
10. How will my business be funded?
The business will be funded via loan from the bank. You are however expected to repay the loan as the business grows
11. How long will this Programme last?
The Programme will be done in tranches. Date for each tranche will be made known to the general public via our websites and other news media.
12. Do I pay a fee to apply?
No fee payment is required for the loan application. The loan will however be given at a specify interest rate of 9% per annum
13. How do I know if I’m selected?
Application status can be tracked on the portal and the bank will also notify successful Applicants via their email addresses.
14. How much money can I apply for?
A Single Applicant can access a N3m facility while group projects jointly owned by 3-5 qualified beneficiaries can access a N10m facility. The jointly owned businesses will operate as registered partnerships.
15. Do I have to pay back the money?
Yes. This is a loan facility from the Bank which must be repaid within the approved tenor offered to successful Applicants.
16. How safe are my business ideas?
The Bank will not disclose confidential information to any unauthorized person, firm or organization, except as required by the CBN, NYSC and the law.
17. I don’t live in Nigeria; can I participate?
No. The Programme is designed specifically for Nigerian Applicants resident in Nigeria.
18. If I am unsuccessful, can I reapply?
Yes. However it can only be made during the next tranche.
19. What types of collateral do I require to access the loan facility?
Graduate entrepreneurs will use their
• Tertiary institution(s) certificate(s)
• NYSC discharge certificate.
• NYSC exemption certificate.
• Vocational certificate from SAED
Serving Corp members will pledge their
• NYSC discharge certificate and
• Tertiary institution(s) certificates(s).
• Vocational certificate from SAED.
Artisans will provide:
• Verified Vocational Certificates
Other conditions include:
• Key-man insurance policy for the owner/manager of the company.
• Personal guarantee of business promoter supported by statement of personal net worth.
• Third party guarantor with undated cheques covering the facility amount.
• All movable collaterals used to secure the loan shall be registered on the National Collateral Registry (NCR) when the registry becomes operative.
• All movable collaterals used to secure the loan shall be tagged.
• Comprehensive insurance of all asset financed.
20. Can I fill my application halfway and return to submit it?
No, you are expected to complete you application as soon as you start and submit immediately.
The details below are relevant for all eligible youth:
Eligible youth can apply for the loan through this portal (*input link to the portal) using his/her NYSC State Code.
Applications can be made as an Individual or as a group (of 3-5 applicants with similar business interest)
A single applicant can access up to a facility limit N3m while group project jointly owned by 3-5 qualified beneficiaries can access up to a facility limit of N10m.
Security: Graduate entrepreneurs will use their tertiary institution(s) certificate(s) and their NYSC discharge certificate. Serving Corp members will pledge their NYSC discharge certificate and their tertiary institution(s) certificates(s). Also, legal ownership of assets financed by the Bank and 3rd party guarantors will be requested as additional collateral from all entrepreneurs.
YEDP stands for Youth Entrepreneurship Development Programme. The Programme is aimed at harnessing the latent entrepreneurial spirit among the teeming youths by providing timely and affordable loans to implement their business ideas.
2. Who can apply?
I. Serving youth Corps members
II. Non-NYSC (not more than 5 years post NYSC)
III. Artisans
3. How do I apply?
Application is only by online registration via Sterling Bank Portal. Apply Here
4. What type of businesses can apply?
The activities to be covered under the Programme are startups and expansion projects for serving and young graduates in the following sub-sectors:
• Agricultural Value Chain (fish farming, poultry, snail farming etc)
• Cottage Industry
• Creative Industry (tourism, arts & craft)
• Information & Communication Technology (ICT)
• Any other activity that may be determined by CBN from time to time.
Note: The funds are not permissible for trading and refinancing.
5. Must I be registered with CAC to apply?
No. It is not only limited to limited liability company but business registration will enhance the growth of the business and hence entrepreneurs will be guided on business registration and its benefits. The Program shall apply to qualifying businesses of these individuals in registered enterprise and group of individuals in registered partnership.
6. Will I loose full ownership / control of my business?
No. The program is a structured funding arrangement that will give you full control of your idea and allow you nurture it to success.
7. Does the bank own a part of my business?
No. Ownership of the business is solely that of the Applicant. The program provides a loan and not a grant facility. Government has no claim on your business but the loan is a bank facility that will assist to grow your enterprise, become a successful entrepreneur.
8. Is there a limit to how many applications I can submit?
Yes. An applicant is only required to send in one business proposal. However, you can refine your business ideas after submission of your business proposal at the bank’s request.
9. Can I change my business idea after I’ve already submitted an application?
No. applications are assessed and shortlisted based on business ideas submitted.
10. How will my business be funded?
The business will be funded via loan from the bank. You are however expected to repay the loan as the business grows
11. How long will this Programme last?
The Programme will be done in tranches. Date for each tranche will be made known to the general public via our websites and other news media.
12. Do I pay a fee to apply?
No fee payment is required for the loan application. The loan will however be given at a specify interest rate of 9% per annum
13. How do I know if I’m selected?
Application status can be tracked on the portal and the bank will also notify successful Applicants via their email addresses.
14. How much money can I apply for?
A Single Applicant can access a N3m facility while group projects jointly owned by 3-5 qualified beneficiaries can access a N10m facility. The jointly owned businesses will operate as registered partnerships.
15. Do I have to pay back the money?
Yes. This is a loan facility from the Bank which must be repaid within the approved tenor offered to successful Applicants.
16. How safe are my business ideas?
The Bank will not disclose confidential information to any unauthorized person, firm or organization, except as required by the CBN, NYSC and the law.
17. I don’t live in Nigeria; can I participate?
No. The Programme is designed specifically for Nigerian Applicants resident in Nigeria.
18. If I am unsuccessful, can I reapply?
Yes. However it can only be made during the next tranche.
19. What types of collateral do I require to access the loan facility?
Graduate entrepreneurs will use their
• Tertiary institution(s) certificate(s)
• NYSC discharge certificate.
• NYSC exemption certificate.
• Vocational certificate from SAED
Serving Corp members will pledge their
• NYSC discharge certificate and
• Tertiary institution(s) certificates(s).
• Vocational certificate from SAED.
Artisans will provide:
• Verified Vocational Certificates
Other conditions include:
• Key-man insurance policy for the owner/manager of the company.
• Personal guarantee of business promoter supported by statement of personal net worth.
• Third party guarantor with undated cheques covering the facility amount.
• All movable collaterals used to secure the loan shall be registered on the National Collateral Registry (NCR) when the registry becomes operative.
• All movable collaterals used to secure the loan shall be tagged.
• Comprehensive insurance of all asset financed.
20. Can I fill my application halfway and return to submit it?
No, you are expected to complete you application as soon as you start and submit immediately.
The details below are relevant for all eligible youth:
Eligible youth can apply for the loan through this portal (*input link to the portal) using his/her NYSC State Code.
Applications can be made as an Individual or as a group (of 3-5 applicants with similar business interest)
A single applicant can access up to a facility limit N3m while group project jointly owned by 3-5 qualified beneficiaries can access up to a facility limit of N10m.
Security: Graduate entrepreneurs will use their tertiary institution(s) certificate(s) and their NYSC discharge certificate. Serving Corp members will pledge their NYSC discharge certificate and their tertiary institution(s) certificates(s). Also, legal ownership of assets financed by the Bank and 3rd party guarantors will be requested as additional collateral from all entrepreneurs.
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