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NYSC Interest free loan: What you need to know about NYSC WAP
War Against Poverty (WAP) is an initiative of the National Youth Service Corps (NYSC) with support from the Office of the Senior Special Assistant to the President on Millennium Development Goals (OSSAP-MDGs) geared toward achieving goal 1 of the MDGs leveraging on agro-enterprises.
WAP which was later introduced by the NYSC MDGs Advocacy Project (NYSC MAP) scheme is an economic empowerment programme which focuses on MDG 1 and targets the Corps members. It seeks to equip them with agro-enterprise skills and empower them with interest free loans to generate employment, eradicate extreme poverty and hunger.
The areas include banana sucker multiplication, Fish farming, Animal husbandry, Poultry production, Grass-cutter rearing, Snailery, and Bee keeping. The programme which was launched on October, 2009 is open to all serving Corps members.
Prospective beneficiaries are chosen based on the selection criteria.
The loan facility ranges from ₦200,000 to ₦300,000 (depending on enterprise) with zero per cent interest charge having a repayment period of 30 months with first 6 months of moratorium.
1. How to Apply:
Applicants are to obtain a Form of Intent from the WAP Schedules officers or from the NYSC WAP official website; www.nysccds.org fill the form and submit either through the schedule officer or to the email address on the form.
2. Requirement:
The only collateral required is the Certificate of National service to be held in trust. However, a Letter of Reference would be given to enable beneficiaries sought opportunities.
Prospective beneficiaries would be required to fill a Memorandum of Understanding to be guarantee by two guarantors of not less than grade level 12 officers in Federal, state and local government civil service or the equivalent in the military, Para- military or a registered member of a government approved professional body with ten (10) years of working experience.
Selected beneficiaries would be trained by experts drawn from Government agencies, Research institutions and private consultants on the listed areas of agro-enterprises provided for by the programme.
The training exposes beneficiaries to entrepreneurial skills.
Beneficiaries are required to train at least 5 beneficiaries of the host community, preferably youths.
3. Official Channel of Communication:
Website: www.nysccds.org
Facebook Page: www.facebook.com/nysccds
Facebook Group: NYSCMDGsWAP Project
4. Consider the following:
If you have intention of applying for the interest-free loan, consider the following:
- Have I considered all the risk involved in taking this loan?
- Do I have confidence that the agricultural venture I choose would yield in time?
- Have I considered the competition in the area I have planned to market it?
- Am I willing to risk my certificate in case everything fails?
- Am I willingly to wait for about 8 months before getting the loan?
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