Beneficiaries of the start-up loans fail to repay as at when due
The National Youth Service Corps (NYSC) Foundation has warned beneficiaries of its soft loan scheme to pay up or risk having their names made public.
As the foundation plans to re-start the loan scheme with an enhanced fund, the Executive Secretary, Akinsanya Akinnigbagbe, said it is frustrating that most of the ex-corps members who benefited from the loan scheme established small scale businesses but are yet to make payments on the loans they took.
According to him, the foundation made available soft loans to some former corps members since March 2008 to go into small businesses like sale of recharge cards, poultry, fish farming, photography/video production, laundry and dry cleaning, but have not refunded the loan, which is threatening the scheme.
He said after more than three years after the loan of N250,000 per individual was taken, only a handful have made some payments on the loan which has a tenure of 15 months.
He said that over 50 corps members were the initial beneficiaries of the grant; adding that due to the failure of the recipients to repay, 526 others have had to wait long to benefit from the scheme.
