AGUKA YOUTH FUND - AFFORDABLE LOAN
Description
The Ministry of Youth and Arts (MoYA), in partnership with the Development Bank of Rwanda (BRD), is pleased to inform youth and artists that the Government of Rwanda has established the Aguka Youth Fund to improve access to financial services under favorable conditions. Aguka Youth Fund offers the following benefits: Collateral requirement: 10% of the loan amount -An interest rate of 9%. -A 10% rebate on the total loan amount for beneficiaries who complete repayment successfully. -A grace period of 3 months before repayment begins, with a repayment period ranging from 6 months to 5 years.
Requirements
Youth and artists who wish to benefit from the Aguka Youth fund are required to meet the following criteria: -Be aged between 18 and 30, or an artist (no age limit for artists); -Have an existing and operational business; -Operate a registered business that complies with tax obligations, including possession of a TIN and a trading license; -Hold an active bank account used for business transactions for at least one year; -Provide a business profile, including financial projections and a sustainability plan; -Request a loan amount not exceeding 10 million Rwandan francs -Submit a clear loan repayment plan. -Have prior engagement with business development or training institutions (certification is a plus). -The applicant should not have an outstanding loan in any financial institution.