Government introduces new loan product for the youth; Requirements and how to apply
The Youth Fund has introduced a new loan product named E-Yes for the youth in the Community-Based Organization (CBO)
The Youth Fund has introduced a new loan product named E-Yes for the youth in the Community-Based Organization (CBO).
In a statement to newsrooms, the state corporation said the loan is available to individuals who are part of a group or a Community-Based Organization (CBO).
The Youth Fund also said individuals in an investment club or SACCO that has benefitted from the Youth Enterprise Development Fund (YEDF) also qualify for the loan.
With a maximum repayment period of 18 months, the corporation encouraged individuals seeking financial support for startup ventures, business growth, or asset purchases to consider applying for the loan.
To be eligible, the Youth Fund outlined that applicants are required to submit a comprehensive business plan for starting a formally recognized business.
First-time borrowers aiming to start a business may obtain a maximum loan of Ksh 20,000, whereas first-time borrowers with an established business can secure a loan of up to Ksh 50,000.
The corporation also stated that qualified individuals can benefit from a loan graduation system.
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The first loan is Ksh 50,000 for a maximum of 9 months, while the second loan is Ksh 100,000 with a maximum repayment period of 9 months.
In this graduation system, the third and fourth loans are Ksh 150,000 and Ksh 200,000 for a maximum of 12 months and 18 months respectively.
Additionally, to obtain the loan, it is required that group members jointly guarantee the loan and provide collateral, which may consist of business assets, inventory, livestock, and personal belongings.
Established in 2006, YEDF provides financial support, business development services and market linkages specifically for youth-owned enterprises.
Its mandates include offering loans, facilitating job placements abroad, and enhancing youth participation in economic activities.
The fund primarily targets individuals aged 18 to 34 who seek to start or expand their businesses.
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