[Heritage Bank]–The Group Head, Corporate Communication, Heritage Bank, Fela Ibidapo has revealed that the CBN, Heritage Banks 3 billion Youth Innovative Entrepreneurship Development Programme (YIEDP) will stimulate youth employment, contribute to the non-oil Gross Domestic Product (GDP) and challenge youth restiveness.
Ibidapo, who said that Heritage Bank’s participation in the programme is to be the lead in youth empowerment, further explained that the programme which, is funded by CBN, with the active participation of the National Youth Service Corps will run in phases under a painstaking process to ensure that the three institutions and beneficiaries achieve their respective objectives.
So far, records have shown that 94 successful beneficiaries who met the stipulated requirements have received N251 million.
While, the first batch of the 310 successful businesses, to benefit N774 million from the N3 billion funds earmarked under the YIEDP, have been approved by the CBN.
Also, 191 are yet to pick up their letters as a pre-condition to access funds totalling N473 million, while 25 others, who are to access funds of N54 million have dropped out of the scheme.
According to the Guardian, 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.
Heritage Bank was adopted in March 2016 by CBN as the sole pilot bank for the Youth Innovative Entrepreneurship Development Programme (YIEDP).
The programme is aimed at harnessing the latent entrepreneurial spirit among the Nigerian youths by providing timely and affordable loans to implement their business ideas.Please Follow Us @ThePageNg