Youth Entrepreneurship Support Programme (Yes-P) Application Portal Now Open

Youth Entrepreneurship Support Programme (Yes-P) Application Portal Now Open

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.

Parts of the Programme

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.

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Youth Entrepreneurship Support Program (YES-P) 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.

Features of the Loan

• Single Obligor Limit: ₦5 million
• Tenor: 3-5 years
• Moratorium: 12 months
• Pricing/Charges: Interest Rate: 9% p.a., Processing Fee: 1% (one-off), Legal Fee: Statutory Fees: Payable to Government Agencies (Stamp Duties, Registration Fees, CAC Filing fees, etc.) – These fees are dependent on the security arrangement, loan value and location of security, Professional legal fees: Dependent on loan value.

Loan Requirements

• 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.

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How to Apply for Youth Entrepreneurship Support Programme (Yes-P)

All intending beneficiaries or customers are required to open an account with the Bank of Industry before the 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:

• Schedule of the shareholders signed by the company secretary. (Shareholders Register) for
  new customers and confirmation of earlier submissions for returning customers.
• Full Incorporation Documents:
  • Photocopy of Certificate of Incorporation
  • A certified true copy of the 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 the ID of all Directors is needed for compliance and credit search).

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If you have arranged the above, you can proceed to submit your application form online via the BOI YES-P application portal here before the application closing date.

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