BOI Youth Entrepreneurship Support Programme (YES-P) 2023 – The Youth Entrepreneurship Support (YES) Programme is BOI’s effort at addressing the worrisome phenomenon of youth unemployment in Nigeria by building the capacity of the youths and funding their business ideas. The YES programme is aimed at equipping young people with the requisite skills and knowledge to be self-employed by starting and managing their businesses.
BOI Youth Entrepreneurship Support Programme (YES-P) 2023
The programme comprises of the following components:
- 8 weeks of extensive online Entrepreneurship and Business Management training which can test participants’ understanding and track their progress.
- 5 days of in-class Entrepreneurship and Business Management training covering the following five (5) modules:
- The business idea (value proposition and competition analysis)
- Business model (how will the business make money)
- Sales and marketing
- Running a successful business (ethics, compliance, operations, etc.)
- Financial planning
- Financing of the businesses by BOI under its SME Cluster initiative.
Eligibility Criteria
The choice of projects to be eligible for the scheme includes the following:
- Projects in any of the 40 identified SME product clusters.
- Projects with unique and innovative products/ideas.
- Value-adding projects that fall within the scope of Small Enterprises excluding trading activities.
- Projects whose promoters have participated in the capacity building aspect of the YES-Programme.
- Project ideas developed by the National Youth Service Corps members and recommended by the NYSC Directorate.
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Loan Requirements for BOI Youth Entrepreneurship Support Programme (YES-P)
- Debenture over the assets of the company or specific charge over the equipment (present and future).
- Deposit of original NYSC certificate and higher educational certificate (Ordinary National Diploma, Higher National Diploma or University Degree) with BOI. This will be subject to the certificate being certified by Background Check International (BCI).
- Acceptable alternatives to Degree/HND certificates: Final Statement of Results, Success Letter, Testimonial or other verifiable evidence of course completion.
- Two (2) external guarantors acceptable to BOI who must belong to any of the following categories:
- Senior Civil Servant (Level 7 and above).
- Bankers (not below the level of Banking Officer), and must have been confirmed by current employer.
- Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
- Senior Staff of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers) etc.
- Elected public servants/administrators.
- Reputable entrepreneurs with ongoing entities and registered business names.
- Clergymen.
The guarantees must be supported by a Notarized Statement of Net worth acceptable to BOI.
Note: For established borrowers requesting an expansion, security requirement, Deposit of original NYSC certificate, higher educational certificate, or any alternative could be waived.
SEE ALSO: SMEDAN Entrepreneurship Program 2023 for Young Nigerians
Loan Documentation Required
Customers are required to open an account with the Bank of Industry before application can commence. The documents needed for an account to be opened are listed below. A customer identification number will be created at the end of the account opening process.
An account can be opened by completing an account opening form and submitting all the required documents:
ACCOUNT OPENING REQUIREMENT LIST
- Schedule of the shareholders signed by the company secretary. (Shareholders Register) for new customers and a confirmation of earlier submission for returning customers
- Full Incorporation Documents:
- Photocopy of Certificate of Incorporation
- Certified true copy of Memorandum and Articles of Association
- Forms CAC 2.5 (Allotment of Shares)
- CAC 2.3 (Particulars of Directors)
- CAC 2.1 (Appointment of Company Secretary)
- Means of identification of all Directors of the company (i.e., photocopy of International Passport/Driver’s License and National Identity Card) and BVN of the Executive Directors. (**note that ID of all Directors are needed for compliance and credit search)
The loan application process will begin after the account is opened. A loan application form is required to be completed and all required documents submitted and verified.
How to Apply for BOI Youth Entrepreneurship Support Programme (YES-P) 2023
All interested and qualified persons can apply using the link provided below. CLICK HERE
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