The Youth Fund has introduced a new loan product named E-Yes, targeting borrowers seeking financial assistance for startups, business expansion, or asset acquisition.
In a statement on September 23, 2024, the Youth Fund Group said the E-Yes loan is available to individuals who are part of a group, Community-Based Organization (CBO), investment club, or Savings and Credit Cooperative Organization (SACCO) that has previously received support from the Youth Enterprise Development Fund (YEDF).
To qualify, applicants must have a clear business plan for starting a formally recognized business. First-time borrowers looking to start a business can receive a maximum loan of Sh20,000, while those borrowing for the first time with an existing business can access up to Sh50,000.
According to Youth Fund, borrowers in this latter category must repay their loans within 18 months.
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Qualified individuals can also benefit from a loan graduation system, which includes the following:
- 1st Loan:Â Up to Sh50,000 for a maximum of 9 months.
- 2nd Loan:Â Up to Sh100,000 for a maximum of 9 months.
- 3rd Loan:Â Up to Sh150,000 for a maximum of 12 months.
- 4th Loan:Â Up to Sh 200,000 for a maximum of 18 months.
The E-Yes Loan Product also requires group members to co-guarantee the loan and provide collateral, which includes business assets, stock, livestock, and household items.
