Beneficiaries of N50m graduate loan project to open with UBA

Beneficiaries of the N50 million graduate loan scheme who are to bank with United Bank for Africa, UBA, can now have their business accounts opened in their names.
In this light, UBA has sent out directives to the relevant divisions, departments, area managers, branch controllers and branch managers.
According to UBA sources the new guidelines have also empowered the branches to commence disbursement of the loan immediately.
UBA sources told The Republic that beneficiaries of the scheme would not need to obtain the usual mandatory two references before the accounts are opened s the National Directorate of Employment two sponsors for each of the entrepreneurs.
The source further said that the guarantee of the Federal Government has also been obtained through the National Directorate of Employment.
Our UBA source further said that the entrepreneurs would be advised to embark on processing of their registration/incorporation immediately to be able to complete the incorporation within the given 12 calendar months.
According to the source, on registration or incorporation, operations of the accounts would commence on the company’s account with the transfer of the residual debit balance frm the personal account.
The entrepreneur, the source continued will then be required to sign an undertaking as per the attached specimen when the account was opened in his/her personal name in order to facilitate the transfer of the debit balance from the personal account to the business or company names after registration.
The source said that about 19 beneficiaries attached to UBA are expected to benefit from the arrangement.
With the disbursement to beneficiaries by UBA, other banks are expected to follow suit.
It will be recalled that the minister of employment, labour and productivity had threatened to withdraw the N50 million federal government standing guarantee fund for the scheme paid into various banks.