The Youth Fund has introduced a new loan product named E-Yes. E-yes is the newest loan product under the umbrella of the Youth Fund. The advertisement of the E-Yes loan product was posted by the Youth Fund Group on their social media on September 23, 2024.
“The product is available to individuals belonging to a group, Community-based organization (CBO), investment clubs or (Savings and Credit Cooperative Organization) SACCO that have benefited from Youth Enterprise Development Fund (YEDF),” the statement said in part.
In addition, the borrowers in need of funds for purposes of startup, expansion, or acquisition of assets are encouraged to apply for the loan.
However, to qualify for the loan an individual is required to have a clear business plan for starting a formally recognized business.
E-Yes Loan Amounts and Repayment
E-Yes loan maximum lending amounts have also outlined various loan amounts and repayment rates.
The maximum loan amounts for first-time borrowers for startup businesses stand at Ksh.20,000 while individuals borrowing for the first time with an already existing business stand at Ksh.50,000. This category will be required to repay back the loan within 18 months.
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E-Yes Loan Graduation
Those who shall qualify for the loan will be reliable for a loan graduation as outlined by the E-Yes product.
- 1st loan: Up to Ksh.50,000 for a maximum period of 9 months.
- 2nd loan: Up to Ksh.100,000 for a maximum period of 9 months.
- 3rd loan: Up to Ksh.150,000 for a maximum period of 12 months.
- 4th loan: Up to Ksh.200,000 for a maximum period of 18 months
E-Yes Collateral Requirements
According to the E-Yes Loan Product, group members shall co-guarantee and sign a guarantee to repay the loan. Business assets, stock, livestock, and household chattels of the borrower also form part of the collateral requirements.
Youth Enterprise Development Fund Background
The Youth Enterprise Development Fund (YEDF) was established through the Public Financial Management Act (The Youth Enterprise Development Fund) Regulations (2006), Legal Notice No. 167/2006.
It was formed purposely to champion the creation of employment for youth through enterprise development.
In 2007, the Fund was transformed into a State Corporation under the then Ministry of State for Youth Affairs, vide Youth Enterprise Development Fund Legal Order No. 63 of 2007.
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The Fund is currently under the State Department for Youth Affairs and the Creative Economy. Notably, the fund stands out as one of the measures the government has put in place to promote employment creation for Kenyan youth.
It is a flagship project of the Kenya Vision 2030 under the Social Pillar. The Youth Fund is tasked to promote enterprise development as an integral strategy to increase economic opportunities and youth participation in nation-building.
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