Do you fall below the poverty line? Is it hard for you to ends meet? If you need monetary support to aid your education or your business, then don’t worry. The government has your back. It doesn’t matter if you want to be an entrepreneur with your own business to support yourself or if you want to be educated, the government is there to support you.
This article is all about the National Youth Empowerment Fund. It will tell you everything you need to know about it and how to benefit from it.
What Is National Youth Empowerment Fund Application?
It is an initiative by the Nigerian government to financially support poverty-stricken youth in their educational and business endeavors. It is a part of the 2021 support scheme.
Under National Youth Empowerment Fund, there are almost 500 thousand slots for business support. Talking about educational support, the fund provides 100 thousand slots and, another 1000 slots for farming support as well.
How Do You Apply For National Youth Empowerment Fund Application Form 2021?
Follow the following steps carefully in the given order to successfully apply for this scheme:
Step 1: Fill out the application form online or from the YEN office.
Step 2: Submit the following:
- 2 recent passport-size photographs
- A copy of the national identity card
- A photocopy of a utility bill
Step 3: You should also be ready with the original copies of the above-mentioned documents for verification.
Step 4: Fill out the guarantor form. Two guarantors are required. However, this is required only for loan purposes and not for grants.
Step 5: This is the most important one. Send a business summary or proposal to the YEN office or e-mail it to [email protected]. Remember that this is the most important step. Your application will be evaluated based on it.
To apply for the scheme successfully without getting rejected, you must have the following documents:
- Recent passport-size photographs.
- National identity card.
- Utility bill.
What Are The Eligibility Criteria?
The eligibility criteria are as follows:
- The applicant must be 16-21 years old for grants and 21-45 years old for the loan.
- The applicant must be a Nigerian resident.
- The applicant must be an entrepreneur or an aspiring entrepreneur.
- The applicant must have a business initiative.
How Do You Check Application Status?
A successful application is generally processed within 10 days of application. So, if you have filled in all the details correctly and have submitted the form, then wait for 10 days. After that, you will be intimated an appointment date for proposal defending.
If you get successful, then you will receive the amount within 10 working days of the appointment date.
These are the following benefits that successful applicants receive:
- A grant of N100,000 or N50,000 to applicants between the ages of 16 and 21 years.
- A loan of N300,000, N200,000, N100,000, or N50,000 to applicants of 21-45 years of age. The interest rate on the loan amount is as follows:
- 5% for 3 months
- 7% for 6 months
- 9% for 9 months
- 11% for 12 months