Apply for BOI Youth Entrepreneurship Support Program – YES-P 2023 Prepare for success with the BOI Youth Entrepreneurship Support Program (YES-P) 2023.
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Developing Nigerian Potential: BOI Youth Entrepreneurship Support Program (YES-P) 2023
The Bank of Industry (BOI) in Nigeria is introducing the Youth Entrepreneurship Support Program (YES-P) in 2023, an initiative to address the worrisome problem of youth unemployment in Nigeria.
This initiative aims to cultivate young minds and their innovative business concepts.
By imparting essential skills and knowledge, YES-P strives to help young people find an independent path through the creation and management of their own business.
Components of the YES-P
YES-P is structured into several key components:
- An exhaustive online Entrepreneurship and Business Management training spanning over eight weeks. This digital platform serves as a testing ground for participants’ understanding and tracking their progress.
- A five-day in-person Entrepreneurship and Business Management training, breaking down into five modules:
- Formulating a business idea
- Designing a business model
- Understanding sales and marketing
- Operating a successful business
- Financial planning
- BOI offers financial assistance to these businesses under its SME Cluster initiative.
Perks of the Youth Entrepreneurship Support Program (YES-P)
The participants stand to benefit from the following:
- Collateral for loans can be formed using company assets or a specific charge over equipment, present and future.
- BOI accepts the deposit of the original NYSC certificate and higher educational certificates.
- In case of Degree/HND certificates unavailability, alternatives like the Final Statement of Results, Success Letter, Testimonial, or other verifiable proof of course completion can be submitted.
- The BOI requires two external guarantors, who belong to specific categories, supported by a Notarized Statement of Net worth.
Please note: For established borrowers seeking expansion, the security requirement may be relaxed.
YES-P Eligibility Criteria
The chosen projects eligible for the scheme should ideally:
- Fall under any of the 40 identified SME product clusters.
- Showcase unique and innovative products/ideas.
- Exude value addition and come under the umbrella of Small Enterprises, excluding trading activities.
- Be run by promoters who have participated in the capacity-building aspect of the YES-Programme.
- Be initiated by members of the National Youth Service Corps and recommended by the NYSC Directorate.
Application Process
Opening an account with the Bank of Industry is a prerequisite before application. This process requires submission of several documents, leading to the creation of a customer identification number.
Once the account is opened, the loan application process can begin, which necessitates the completion of a loan application form and submission of certain documents. If a loan is approved, the last step is disbursement, again requiring specific documents.
For a detailed step-by-step guide, visit the BOI website.
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