What is Easy-Yes loan? and how to apply for it.

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LOAN NAME: Easy Yes

PARENT FUND: Youth Enterprise Development Fund

FOUNDED: 2006

SMART

PURPOSE: Target youth intending to start or expand business.

ELIGIBILITY:

  • The group must be registered with the relevant government body.

  • Group Membership must be at least 70% youth (18-34 years), and the leadership 100% youth.

  • Applicant must be appraised and recommended by the group members, Constituency officers and ultimately the Regional Vetting Committee.

  • At least 75% of the group members must, on behalf of the group, guarantee the applicant’s loan.

  • Minutes of the group indicating authority to borrow and guarantee the loan and of the YEDF Regional Committee sanctioning the application must be attached as part of the application documentation

  • A maximum of 80% of the group members shall borrow at any particular time. Funding for the remaining 20% is after the first group has paid installments for the first two months.

  • Youth who have serviced their loans satisfactorily can continue to be financed up to a maximum of Kshs. 100,000 even if they get beyond the statutory age of 34 to allow for transition to borrow from banks.

  • The group must undergo a basic training in Business development and entrepreneurship before applying for the loan facilitated by the Fund.

MINIMUM LOAN AMOUNT:

MAXIMUM LOAN AMOUNT:

START-UPS

– 1st loan ( shs 25,000 )

– 2nd loan ( shs. 50,000 )

– 3rd loan ( shs. 100,000 )

– 4th loan ( shs. 200,000 )

EXISTING

– 1st loan ( shs 50,000 )

– 2nd loan ( shs. 100,000 )

– 3rd loan ( shs. 150,000 )

– 4th loan ( shs. 200,000 )

INTEREST RATE: None

PROCESSING FEE: 8%

GRACE PERIOD:

– 1st loan ( 2 months)

PAYMENT DURATION

– 1st loan ( 9 months)

– 2nd loan ( 12 months )

– 3rd loan ( 18 months )

– 4th loan ( 24 months )

SWIFT

PURPOSE: Financing business expansion

ELIGIBILITY:

  • Be a member of and recommended by a group of at least 8 members.

  • The group must be registered with the relevant government body.

  • Closely knit youth group with 70% of the members having running businesses

  • Group Membership must be at least 70% youth (18-34 years), and the leadership 100% youth.

  • Applicant must be appraised and recommended by the group members, Constituency officers and ultimately the Regional Vetting Committee.

  • Minutes of the group indicating authority to borrow and guarantee the loan and of the YEDF Regional Committee sanctioning the application must be attached as part of the application documentation

  • A maximum of 80% of the group members shall borrow at any particular time. Funding for the remaining 20% is after the first group has paid installments for the first two months.

  • Youth who have serviced their loans satisfactorily can continue to be financed up to a maximum of Kshs. 100,000 even if they get beyond the statutory age of 34 to allow for transition to borrow from banks.

  • The group must undergo a basic training in Business development and entrepreneurship before applying for the loan facilitated by the Fund.

MINIMUM LOAN AMOUNT:

MAXIMUM LOAN AMOUNT:

– 1st loan ( shs 50,000 )

– 2nd loan ( shs. 100,000 )

– 3rd loan ( shs. 150,000 )

– 4th loan ( shs. 200,000 )

INTEREST RATE: None

PROCESSING FEE: 8%

GRACE PERIOD:

– 1st loan ( 2 months)

PAYMENT DURATION

– 1st loan ( 9 months)

– 2nd loan ( 12 months )

– 3rd loan ( 18 months )

– 4th loan ( 24 months )

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