Are you a young Nigerian entrepreneur with an innovative business idea but lacking the necessary funds to turn it into a reality?
Look no further than the Bank of Industry’s Youth Entrepreneurship Support (YES) program.
This initiative is designed to provide financial and business support to young entrepreneurs like you, helping to drive economic growth and job creation in Nigeria.
The YES program offers a range of benefits, including access to loans of up to N5 million, mentorship, and training programs to help you develop your business skills.
To apply for the program, you must be a Nigerian citizen between the ages of 18 and 35 with a viable business idea in any sector of the economy.
In this article, we’ll take you through a step-by-step guide on how to apply for the Bank of Industry’s Youth Entrepreneurship Support program, helping you navigate the application process with ease and confidence.
Bank of Industry Youth Entrepreneurship Support Program Overview
The Youth Entrepreneurship Support Programme (YES-P) is an initiative by the Bank of Industry (BOI) designed to address the issue of youth unemployment in Nigeria.
The program aims to empower young entrepreneurs with the necessary skills, knowledge, and financial support to start and grow their own businesses.
The YES-P program consists of two main components: online and in-person training.
The online training is an eight-week program that covers essential topics in entrepreneurship and business management, such as formulating a business idea, designing a business model, understanding sales and marketing, operating a successful business, and financial planning.
The in-person training is a five-day intensive program that builds on the online training, providing hands-on experience and practical skills.
Upon completion of the training, participants can apply for financial assistance from the Bank of Industry under its SME Cluster initiative.
This financial support is designed to help entrepreneurs turn their business ideas into reality and grow their businesses into successful enterprises.
To be eligible for the YES-P program, applicants must meet certain criteria. Their business ideas must fall under one of the 40 identified SME product clusters, demonstrate unique and innovative products or ideas, and show value addition.
Additionally, the business must be run by promoters who have participated in the capacity-building aspect of the YES program, be initiated by members of the National Youth Service Corps (NYSC), and be recommended by the NYSC Directorate.
The application process for the YES-P program involves opening an account with the Bank of Industry, completing a loan application form, and submitting the required documents.
If approved, the loan will be disbursed to support the growth and development of the business.
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Eligibility Criteria for the Bank of Industry Youth Entrepreneurship Support Program
The Youth Entrepreneurship Support Program (YES-P) has specific requirements for eligible applicants. To be considered for the program, you must meet the following criteria:
- You must be a Nigerian citizen.
- You must be between 18 and 35 years old.
- You must have a viable business idea within the 40 identified clusters.
- You must have a minimum educational qualification of the Ordinary National Diploma (OND).
- You must be able to apply online.
- Your project must have unique and innovative products or ideas.
- Your project must be value-adding and fall within the scope of small enterprises, excluding trading activities.
- You must be a member of the National Youth Service Corps (NYSC) or have been exempted from the program.
Note: These criteria are subject to change, and it’s essential to check the official YES-P website for the most up-to-date information.
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How to Apply for the Youth Entrepreneurship Support Program
If you meet the eligibility criteria, here’s a step-by-step guide on how to apply for the Youth Entrepreneurship Support Programme (YES-P):
Step 1: Online Application
The first step in applying for the Youth Entrepreneurship Support Programme (YES-P) is to submit an online application.
To do this, visit the Bank of Industry’s website and click on the “Youth Entrepreneurship Support Programme” tab. You will be directed to an online application form, which you must fill out accurately and completely.
The form will require you to provide personal information, and business details, and upload required documents such as your business plan, academic certificates, and NYSC certificate (if applicable).
It is essential to ensure that all information provided is accurate and up-to-date, as this will be used to assess your eligibility for the program.
Step 2: Online Training
If your application is successful, you will be invited to participate in an online training program.
This training is designed to equip you with essential knowledge and skills in entrepreneurship and business management.
The training will cover topics such as business idea generation, market research, financial management, and marketing.
You will be required to complete the training and pass an assessment to proceed to the next stage.
The online training is usually eight weeks long and requires a minimum of four hours of study per week.
Step 3: In-Person Training
If you pass the online training assessment, you will be invited to participate in a five-day in-person training program.
This training provides hands-on experience and practical skills in entrepreneurship and business management.
You will have the opportunity to interact with experienced entrepreneurs, business consultants, and other participants and learn from their experiences.
The in-person training is usually held in various locations across Nigeria and requires your physical presence.
Step 4: Loan Application
After completing the in-person training, you will be eligible to apply for a loan to support your business.
To apply for the loan, you will need to submit a loan application form and provide the required documents, including a detailed business plan and financial projections.
The loan application form will require you to provide information about your business, including your business goals, target market, financial projections, and management team.
You will also be required to provide collateral and guarantees as may be required by the Bank of Industry.
Step 5: Loan Disbursement
If your loan application is approved, the Bank of Industry will disburse the loan amount to your account.
You will be expected to use the loan for the purpose stated in your application and repay the loan according to the agreed-upon terms.
The loan repayment period is usually between three and five years, and you will be required to make monthly repayments.
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Final Words
The Youth Entrepreneurship Support Programme (YES-P) is a comprehensive program designed to support young entrepreneurs in Nigeria.
Through its various components, including online and in-person training, loan application, and disbursement, YES-P provides a holistic approach to entrepreneurship development.
By providing access to funding, training, and mentorship, YES-P aims to empower young entrepreneurs to start and grow their businesses, creating jobs and contributing to the growth of the Nigerian economy.