In the bid to address the worrisome youth unemployment in Nigeria, the Central Bank of Nigeria through the Bank of Industry developed the Youth Entrepreneurship Support programme. Through this scheme, youthful entrepreneurs in Nigeria are offered loan to boost their businesses. Therefore in this post, you will learn everything you need to know about this Federal Government Empowerment Loan For Entrepreneur.
Table of Contents
The first thing any inquisitive mind would want to know are the requirements for obtaining the YES program loan.
To obtain the Youth Entrepreneurship Support loan, you must meet the following requirements:
- You must be a young Nigerian aspiring entrepreneur, between the ages of 18 – 35 years and having a minimum educational qualification of OND.
- You must have also been trained under the BOI Entrepreneurship Capacity Building Programme.
- You could also be a National Youth Service Corps (NYSC) member who has gone through the NYSC’s Skills Acquisition and Entrepreneurship Development Programme (SAED).
- The areas of coverage are the 35 SME clusters.
From the above, you can decipher that you require all the documents that will prove your meeting the above criteria. These documents could be:
- Your valid means of identification
- Your NYSC Number
- Your academic certificate
How to apply
With the YES loan, entrepreneurs can get a maximum amount of N10 million to finance their business.
The application process of the YES loan is done via the Bank of Industry’s official website.
Fill the application form with your valid information having in mind the above criteria.
The YES loan has an interest rate of 9% per annum and an extra 1% processing fee.
Other Popular Banks That Gives Loans In Nigeria:
- Ferratum Loan
- Fcmb Loan
- Access Bank Payday Loan
- Geep Loan
- Lydia Loan
- Snapcredit Loan
- Federal Government Agricultural Loan
- Page Loan
- Union Bank Loan
- Lapo Microfinance Bank Loan
The tenor for the Youth Entrepreneurship Support loan is 3 to 5 years. Based on repaying the loan, you can make a monthly direct payment into BOI’s account or by using post-dated cheques.
Pros & Cons
If you have any difficulty or questions, you can find out from the Bank of Industry’s customer service via this number: (+234) 0700-CALL-BOI
|Contact Number||(+234) 0700-CALL-BOI|
Branches & Head Office
The Head Office of Bank of Industry: 23 Marina, Lagos State, Nigeria.