BOA grants collateral-free loans to youths

Mrs Tokunbo Afolabi, the Manager, Bank of Agriculture, Lagos Branch, on Thursday urged the youths to take advantage of the collateral-free funding opportunities provided by the bank, to empower themselves.

She made the call while speaking at the Nigerian Association of Small and Medium Enterprises, 2015 General Meeting in Lagos.

According to her, youths between the ages of 18 and 35 years, who engaged in agribusiness, can access up to N1m loans, without collateral.

“The loan is dedicated solely to the youths, in partnership with the Federal Government’s ‘You Win’ programme.

“The loan is granted to youths for start-ups or expansion of agribusiness,” Afolabi said.

She, however, added that youths applying for the loan must provide two acceptable guarantors, one of which must be a civil servant.

Afolabi also said that micro, small and medium enterprises could access up to N250,000 by opening and running a Micro Enterprise Savings Account with the BOA.

She said that the account would also encourage micro enterprises and cooperative groups to develop a savings culture and assist them in achieving a steady and regular income.

“Account holders will enjoy attractive interest rates, monthly interest payments, flexible standing order, acceptability and free passbook,” she added.