Beneficiaries get CBN, Heritage Bank’s N3b youth fund
The disbursements for the N3 billion Youth Innovative Entrepreneurship Development Programme (YIEDP) by the Central Bank of Nigeria (CBN), in conjunction with Heritage Bank Plc, have been ongoing for successful young entrepreneurs.
Meanwhile, Heritage Bank said its participation in the scheme is to take the lead in empowering youths to become entrepreneurs, in efforts to create jobs and distribute wealth across the economy.
Already, the first batch of the 310 successful businesses, expected to benefit from N774 million as part of the N3 billion earmarked under the YIEDP, have been approved by the CBN.
The programme, funded by CBN, with the active participation of the National Youth Service Corps, has Heritage Bank as the sole financial institution and vehicle for the disbursement of funds to approved beneficiaries.
Group Head, Corporate Communications, Heritage Bank, Fela Ibidapo, said major objectives, beside stimulating employment, are to contribute to the non-oil Gross Domestic Product (GDP) as well as address the challenge of youth restiveness.
He explained that the programme will run in phases and not a one-off arrangement, adding that with revolving credit nature of the scheme, it requires a painstaking process to ensure that the three institutions and beneficiaries achieve their respective objectives.
Similarly, records have shown that 94 successful beneficiaries who met the stipulated requirements have received N251 million.
Also, 191 are yet to pick up their letters as a pre-condition to access funds totalling N473 million, while 25 others, with plans totaling N54 million have chosen to drop out of the scheme.
Part of the conditions to draw the loans, which have been deposited into their respective accounts, include being a serving youth corps member or non-corps member for not more than five years post-service.