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Kwara rolls out N900m interest-free loans for 1,200 young entrepreneurs



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Kwara State Government has carried out plans to assist young entrepreneurs in the state with large interest-free loans called Kwapreneur designed to invest and raise a new generation of successful youths.

The Acting General Manager of Kwara State Social Investment Programme, Mohammed Brimah, who announced this in a statement, stated that the first stage of the programme aimed at least 300 youths with feasible business proposals and are not more than 35 years old.

Depicted as one of Nigeria’s largest investments in businesses owned by youngsters, its registration is open through The application runs from May 10 to May 18, 2021.

Brimah added that at least 1,200 youngsters would profit from the project all through the next four years.

He clarified that successful applicants would be trained and assisted with interest free loans ranging from N350,000 to N3,000,000 each, depending on the size of their proposed businesses.

“The programme will give successful applicants between N350,000 and N3,000,000 interest-free, while looking to equip them with skills, knowledge, and opportunities to become sustainably empowered in society. This is Governor AbdulRahman AbdulRazaq’s definition of empowerment,” he said.

Brimah stated that youths involved in potentially high business fields like agro-processing, logistics, transportation, among others, should apply.

He added, “No Kwaran covered in this age bracket is excluded. All entries will be judged by experts and professionals on their economic value. The most viable ideas will find their way through. We have put in place a free, fair and credible process to make it work. It is a non-interest loan.

“The icing on the cake is that beneficiaries have three months moratorium on the loans before they start refunding in the tranche. Kwapreneur is a good opportunity to move from unengaged to an employer of labour and we trust that the youths will make the best of it.”


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