Explore the Bank of Industry’s Youth Entrepreneurship Support Program (YES-P) 2023 for young Nigerian entrepreneurs.
Uncover the benefits, eligibility requirements, and step-by-step application process to jumpstart your entrepreneurial journey. Start making your innovative business ideas a reality today!
The Bank of Industry’s (BOI) Youth Entrepreneurship Support Program (YES-P) is a transformative initiative designed to combat youth unemployment in Nigeria by nurturing and funding young entrepreneurs’ innovative business ideas.
This article provides an in-depth understanding of the program, its benefits, qualification requirements, and the process for applying.
Benefits of Youth Entrepreneurship Support Program (YES-P)
The YES-P offers a multitude of benefits to young Nigerian entrepreneurs:
- Participants undergo 8 weeks of rigorous online Entrepreneurship and Business Management training to develop their understanding and track their progress.
- They attend a 5-day in-person training on Entrepreneurship and Business Management that covers five key areas, namely the business idea, business model, sales and marketing, running a successful business, and financial planning.
- BOI finances the businesses under its SME Cluster initiative.
- The security requirements for loans include:
- Debenture over the assets of the company or a specific charge over the equipment.
- Deposit of original NYSC certificate and higher educational certificate with BOI, subject to certification by Background Check International (BCI).
- Two external guarantors acceptable to BOI from designated categories such as senior civil servants, bankers, professionals, senior staff of reputable companies, elected public servants, reputable entrepreneurs with registered business names, and clergymen.
Note: For established borrowers requesting expansion, some security requirements may be waived.
Youth Entrepreneurship Support Program (YES-P) Qualification Requirements
To be eligible for the YES-P, the chosen projects should:
- Fall within any of the 40 identified SME product clusters.
- Offer unique and innovative products/ideas.
- Be value-adding projects that fall within the scope of Small Enterprises, excluding trading activities.
- Be projects whose promoters have participated in the YES-Programme’s capacity building component.
- Be project ideas developed by the National Youth Service Corps members and recommended by the NYSC Directorate.
How to Apply
To apply for the YES-P, applicants are required to open an account with the Bank of Industry, and then proceed with the loan application process.
The list of documents required for account opening includes:
- Schedule of the shareholders signed by the company secretary.
- Full Incorporation Documents, such as photocopy of Certificate of Incorporation, Memorandum and Articles of Association, and forms CAC 2.5, CAC 2.3, CAC 2.1.
- Means of identification of all Directors of the company and BVN of the Executive Directors.
Once the account is opened, the loan application process begins with the completion of the loan application form and submission of the required documents:
- Formal Loan Application on Letterhead
- Feasibility Study Report on the project to be financed.
- Quotation/Proforma Invoice for the supply of items of Machinery and Equipment.
- Security documentation, such as Bank Guarantee, Legal Mortgage, or a Notarized Statement of Net worth acceptable to BOI.
After the loan is approved, before disbursement can begin, the following documents must be submitted:
- Submission of Letter of Offer duly endorsed by a Director and Company Secretary or two Directors.
- Return of duly executed Loan Agreement.
- Evidence of payment of fees (if applicable – appraisal, commitment, and legal fees).
- Submission of Bank Guarantee or title documents/other legal documents.
For a detailed overview of the application process, please visit the BOI website.