Tuesday, May 28, 2024

Here is how to apply for the Youth Fund loan in Kenya

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Nyongesa Sande
Nyongesa Sandehttps://bizmart.africa
Nyongesa Sande is a Kenyan blogger, Pan Africanist,c olumnist Political Activist , blogger, informer & businesman who has interest in politics, governance, corporate fraud, human rights and television personality.

Here is how to apply for the Youth Fund Loan in Kenya. The Youth Enterprise Development Fund is a state corporation under the Ministry of ICT, Innovation and Youth Affairs. It was gazetted on 8th December 2006 and then transformed into a State Corporation on 11th May 2007. The Fund is one of the flagship projects of Vision 2030, under the social pillar. Its strategic focus is on enterprise development as a key strategy that will increase economic opportunities for, and participation by Kenyan Youth in nation building. The Fund seeks to create employment opportunities for young people through entrepreneurship and encouraging them to be job creators and not job seekers. It does this by providing easy and affordable financial and business development support services to youth who are keen on starting or expanding businesses.

Youth fund loan requirements

The following are the Youth Fund loan requirements:

For Groups-:

  •  The group must have a valid registration certificate from the relevant government body.
  • Group membership must not be less than 5
  • Group Membership must be at least 70% youth (18-34 years), and leadership, 100% youth.
  • The group must have a bank account where Youth Fund will deposit the loan money.
  • The group must submit completed loan application forms.
  • Group members shall sign a guarantee/undertaking to repay the loan
  • The group will repay the loan into the Youth Enterprise Development Fund bank account, which The Youth Fund officers will provide.
  • Group loans have no interest but a one-off management fee of 5%, deducted from the loan at disbursement.

For Individuals-:

  • In the case of partnerships, 70% of the partners should be between 18-34 years.
  • The borrower will bear all costs such as insurance, security perfection, valuation, registration of charge/chattel, and legal fees.

Here is how to apply for the Youth Fund loan in Kenya:

  1. One needs to visit their respective sub-county youth offices as a group or individually.
  2. Pick and fill out the youth fund application form 2021, depending on the type of loan required. You can also download the loan application forms from the Youth fund website.
  3. Return the filled forms to the office and wait for a response from the loans officer
  4. The loan officer will guide the following steps, conduct the vetting, and give necessary financial advice.
  5. After vetting and receiving the funds, you will be trained and guided on making your payments on time.
  6. Be sure to use this loan for the purpose you had applied it for

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