Sunday, October 6, 2024

Youth Fund introduces new loan for Kenyans: See qualifications

Mwananchi Loans

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.

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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:

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  • 1st Loan: Up to Sh50,000 for a maximum of 9 months.
  • 2nd Loan: Up to Sh100,000 for a maximum of 9 months.
  • 3rd Loan: Up to Sh150,000 for a maximum of 12 months.
  • 4th Loan: 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.

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