The Bank of Industry BOI has initiated yet another wonderful funding programme for youths in Nieria called The Youth Enterprise Support Programme (YES-Programme). BOI will use this method to address the worrisome phenomenon of youth unemployment in Nigeria by developing the capacity of the youths and funding their business ideas. The YES programme is aimed at equipping young people with the skills and knowledge to be self-employed by starting and managing their own businesses.
Participants will be drawn from young aspiring entrepreneurs between the ages of 18 and 35 years, with innovative ideas who must have a minimum educational qualification of an Ordinary National Diploma (OND).
COMPONENTS OF THE YES-PROGRAMME
The YES-Programme comprises the following:
- Eight (8) weeks extensive online Entrepreneurship and Business Management training which has the ability to test participants’ understanding and track their progress.
- Five (5) days in-class Entrepreneurship and Business Management training (5 modules).
- Technical skills training in partnership with the various technical training and vocational institutes in the country.
- Financing the businesses by BOI under its SME Cluster initiative in consonance with the United Nations Economic Commission for Africa’s Commodity-based Industrialisation Strategy.
HE YES-PROGRAMME PROGRAMME OBJECTIVES
The YES-Programme has the following broad objectives:
- To create an interactive learning platform to train young aspiring entrepreneurs in Entrepreneurship, Business Management and Technical Skills that will ultimately translate into improved efficiency and productivity.
- To kindle the entrepreneurial spirit of the youths.
- To act as an incubation center where business ideas are nurtured to their full potential as well as entrenching global best practices by inculcating a culture of innovation-driven entrepreneurship and ethics in the programme participants.
- Promotion of self-employment among graduates of institutions of higher learning, thereby changing their job-seeking mindset.
- To deepen financial inclusion by de-risking the young aspiring entrepreneurs and making them eligible for small business loans to be provided by BOI.
Applicants will register online and will be expected to provide accurate answers to questions. Such answers count towards determining the suitability of the applicants for the training programme. Only the top 1,200 online participants will qualify for the in-class training programme annually.
The in-class trainings will be delivered by BOI accredited partner Training Institutes and shall take place on a bi-annual basis at selected centres spread across the six geo-political zones. Hence, 600 participants shall be trained at the designated locations bi-annually.
The final evaluation and selection of the candidates that will qualify for funding under the YES-Programme, will be by a seven-man panel made up of senior management staff of the Bank and other eminent members made up of successful entrepreneurs, professionals, retired bankers, etc.
- Click here to register
- To view the list of successful candidate click here
- To view the YES-Testimonial click here
FEATURES OF THE YES-PROGRAMME FUND
|PROJECTED IMPACT||The fund shall be deployed to support the establishment and/or expansion of an estimated 1,200 enterprises promoted by Nigerian youths across the country. The scheme is expected to create a minimum of 6,000 direct jobs and 30,000 indirect jobs annually, totaling 36,000 jobs.|
|PROGRAM LIMIT||N10.0 billion.|
|SINGLE OBLIGOR LIMIT||Up to N5 million for loan.Equity investment could also be considered on a case-by-case basis.|
|APPROVAL LIMIT||In line with the Bank’s approval limit.|
|PRICING||Interest Rate: 9% per annum.Fees: 1% Processing fee.|
|TENOR||3 – 5 years.|
|MORATORIUM||Six (6) months from date of Loan Disbursement.|