Lilongwe 07:30 – 16:30 4295
SKILLED YOUTH ARTISAN LOAN

To contribute to the creation of jobs to idle skilled graduates. Encourage entrepreneurial partnerships

SKILLED YOUTH ARTISAN LOAN

Group Loan

Rate: Interest - 4.8% pm Processing fee - 4.5% Life Insurance - 1.5% Collateral Insurance - TBA%

Target Market

Groups of size 3 to 10 who have acquired skills from different institutions and programs such as TEVET, Colleges & technical schools, Government internships

Tenure

6 to 36 monthsGrace period of up to 180 days from the day of loan disbursement may be granted

Thresholds

Minimum K3,000,000 to Maximum K30,000,000

Objectives
  • To contribute to the creation of jobs to idle skilled graduates.
  • Encourage entrepreneurial partnerships
Benefits
  • Access capital for establishing business.
  • Get self-employed and employ others
Requirements
  • National IDs for all members
  • Group constitution
  • Cross-guarantorship
  • Identification letter from Village Head or local leader in an urban location
  • Sketch Map to meeting place and residence of leadership (Chairman, Secretary and Treasury, Discipline Enforcer)
  • Certificate of competence for the skills professed (for artisans’ start-ups)
Collateral
  • Institution guarantor e.g., TEVETA, SMEDI or others where possible.
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