Apply for the Youth Entrepreneurship Support Program Loan 2024

February 28, 2024

Youth Entrepreneurship Support

If you’re a young Nigerian businessperson who requires money to start or expand your business, you might consider reading this article. This is a great opportunity; I’ve got it for you! To satisfy the unique needs of Nigeria’s young entrepreneurs for financing, the Bank of Industry (BOI) has launched the Youth Entrepreneurship Support (YES) Program.

For those who are young and don’t have a lot of savings, the idea of launching and growing an enterprise can be daunting. However, the YES Programme seeks to empower young entrepreneurs by providing them with the opportunity to access capital, technical assistance, networking opportunities, capacity building, and connections to the market. Entrepreneurship is vital to the development of our economy and growth.

In this article, we will discuss the YES Programme and its goals as well as its requirements and benefits. To help you make the most of this amazing opportunity, we will also guide you through the process of applying. Let’s unwind and dive into the subject of giving to the next generation of Nigerian entrepreneurs.

About Youth Entrepreneurship Support (YES)

The Bank of Industry (BOI) has developed an unsecured loan program known as the Youth Entrepreneurship Support (YES) Program to assist young entrepreneurs in Nigeria receive the funds they require to launch and expand their businesses. The program aims to improve the Nigerian economy by promoting the growth of medium and small-sized enterprises.

The YES Programme seeks to do four things. The first goal is to help young people get an edge in the global economy by providing them with capital for seed. In addition, it aims to boost employment opportunities for young Nigerians in the industrial, service, and agriculture sectors. Thirdly, it promotes innovative and innovative company strategies by providing financial support for these strategies. In the end, the program helps the economy to flourish by encouraging the growth of small and medium-sized enterprises in Nigeria.

The value of a loan

The YES Programme helps young company owners in Nigeria get loans with low interest to help get their businesses off the start. Based on the financial situation of the applicant as well as the business’s potential, the program grants loans between N250,000 and N5 million.

A variety of factors, including the nature of the business, the amount of money needed to establish or expand the business, and the borrower’s financial strength, will determine the amount of the loan. The loan’s duration ranges between one and five years. There is a grace period of six months before the due date for the principal.

The loans offered by the YES Programme have a lower interest rate than loans made by commercial banks in Nigeria at only 9% per year. This low rate of interest on the YES Programme loan makes it easier for new entrepreneurs to make use of this scheme, particularly those who aren’t able to secure the collateral needed to obtain an investment loan from commercial banks.

Advantages of the YES Programme

The YES Programme offers several benefits for entrepreneurs who are young in Nigeria, which include:

  1. Access to low-cost loans: The program gives young entrepreneurs the opportunity to access affordable loans to help them start and expand their businesses.
  2. Technical assistance Technical support: The YES Programme offers technical support to entrepreneurs who are just starting in the fields of marketing, business management, and financial management.
  3. Capacity building: This program helps young entrepreneurs through workshops, seminars, mentorship, and training programs.
  4. Opportunities to network Opportunities for networking YES Programme provides young entrepreneurs with networking opportunities with fellow entrepreneurs as well as investors, as well as business leaders from Nigeria.
  5. Market Linkages: This program provides market connections to new entrepreneurs, connecting them to potential customers, suppliers, and distributors.

Eligibility Criteria

To be eligible to participate in the YES Programme, applicants must meet the following requirements:

  1. If you are a Nigerian citizen between the ages of 18 and 35.
  2. You should have a feasible business plan in the fields of manufacturing, agriculture, or other services.
  3. At least possess an Ordinary National Diploma (OND) or equivalent.
  4. Have a guarantor who’s a Nigerian citizen.
  5. You must have a bank account that is registered with a Bank Verification Number (BVN).

Application Process

The process of applying to join the YES Programme is simple and simple to follow. These are the steps you need to take:

  1. Go to the Bank of Industry website and download the YES Programme application form.
  2. Complete the application form with exact and verifiable data.
  3. Attach all required documents, such as the business plan, guarantor’s form, and identity card.
  4. Submit the application form along with supporting documents with the supporting documents to the Bank of Industry office nearest to you.
  5. You should wait for a response from the Bank of Industry regarding the status of your application.

How to Apply

The official site of the Bank of Industry (BOI) provides information on the YES Programme and the application procedure. Anyone interested in applying is invited to access the BOI website to download the YES Application form, read the eligibility requirements and guidelines, and then apply online.

Here’s the link to the Bank of Industry website

For an application to the YES Program, applicants should go through the steps listed below:

  1. Check out the BOI website by clicking on the link above.
  2. Click the “Apply Now” button on the YES Programme page.
  3. Sign up for an account at BOI’s portal. BOI portal by providing your email address, name, and password.
  4. Log into your account and then fill out the YES Programme application form.
  5. Upload all the necessary documents, including the business plan, the Guarantor’s Form, and the Identity card.
  6. Submit your application and wait for confirmation on the status of your application.

Application deadlines

The Youth Entrepreneurship Support (YES) Programme deadlines for applications are not set as the program accepts applications all year long.

However, it is important to keep in mind that the YES Programme is extremely competitive, and the process of applying could take a long time. So, applicants interested in applying are advised to apply as soon as they can to avoid missing out on this opportunity.

Conclusion

In conclusion, the Youth Entrepreneurship Support (YES) Program is a loan scheme that the Bank of Industry established to provide young entrepreneurs in Nigeria with access to low-cost loans to help them start and grow their businesses. The scheme offers loans between N250,000 and N5,000,000, with a low-interest rate of 9 percent per year and a repayment term of between one and five years.

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