FG Launches YOUTHCRED Loan Initiative for Young Entrepreneurs

On Wednesday, the Federal Government launched the YOUTHCRED for Entrepreneurs initiative in Abuja, aimed at providing affordable loans to young entrepreneurs. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced that the scheme will offer loans ranging from N200,000 to N2 million to 500,000 young entrepreneurs aged 18 to 35.

The initiative seeks to enhance access to credit for young business owners who face challenges in securing traditional bank loans due to collateral requirements. Applicants must demonstrate responsible credit behavior and provide evidence of cash flow and repayment ability.

The application process involves visiting the YouthCred website, completing an online application, and undergoing a verification process through participating financial institutions. The program allows for flexible repayment plans from one to 12 months, and no collateral or guarantors are needed.

The Managing Director and Chief Executive Officer of the Nigerian Consumer Credit Corporation, Uzoma Nwagba, indicated that the government aims to expand the program to 500,000 beneficiaries.