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Federal Government Empowerment Loan For Entrepreneur

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. 

Federal Government Empowerment Loan For Entrepreneur

Requirements

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:

  1. You must be a young Nigerian aspiring entrepreneur, between the ages of 18 – 35 years and having a minimum educational qualification of OND.
  2. You must have also been trained under the BOI Entrepreneurship Capacity Building Programme.
  3. 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).
  4. 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:

  1. Your valid means of identification
  2. Your NYSC Number
  3. 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.

Click here to apply for the loan.

Fill the application form with your valid information having in mind the above criteria.

Interest Rate

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:


Repayment

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

ProsCons
  • Flexible repayment options
  • Maximum tenor 5 years.
  • Loan amount is up to N10 million.
  • You must have a minimum of OND to be eligible.
  • It is only available for youths.

Mobile App

N/A

Customer Care

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

Official Websitewww.boi.ng
Contact Number(+234) 0700-CALL-BOI

Branches & Head Office

The Head Office of Bank of Industry: 23 Marina, Lagos State, Nigeria.


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