Nigeria’s Sterling Bank has launched its Youth Entrepreneurship Development Programme (YEDP), aimed at providing loans to early-stage startups.
Sterling Bank said entrepreneurs between the ages of 18 and 35, who are either current or recent members of the Nigerian Youth Service Corps (NYSC), were eligible to apply for the programme.
Startups in the ICT sector are invited to apply for loans, alongside those from sectors such as food processing, manufacturing and power.
Single applicants will be given access to loans of up to NGN3 million (US$9,800), with group applicants eligible to apply for up to NGN10 million (US$32,800).
It is a similar programme to one launched earlier this year by the Central Bank of Nigeria (CBN) and Heritage Bank, which allows serving and former members of the NYSC to apply for entrepreneurial loans of the same amount.
Heritage Bank was selected by the CBN as the pilot bank for the programme, which is aimed at providing business loans to harness the entrepreneurial spirit of Nigerian youth.
