Empowerment

YES-P BOI Youth Entrepreneurship Support Program For Young Nigerian Entrepreneurs 2023 The BOI's Youth Entrepreneurship Support (YES) Programme is a response to the alarming issue of unemployment among young people in Nigeria. The program is designed to support and nurture the business ideas of these youths by providing them with the necessary resources and funding. The ultimate goal of YES is to equip young people with the skills and knowledge they need to become successful entrepreneurs and run their own businesses. READ THIS: Global Fund for Women Apply for Grant 2023 – Application Portal is Open The BOI has launched the Youth Entrepreneurship Support (YES) Programme as a solution to the pressing issue of youth unemployment in Nigeria. This initiative entails fostering and funding promising business concepts from young individuals. By doing so, the YES program seeks to equip them with the expertise and understanding required to set up and operate their own enterprises, enabling self-employment. The program comprises 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. Benefits of Youth Entrepreneurship Support Program (YES-P) 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 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. Youth Entrepreneurship Support Program (YES-P) Qualification Requirements 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. How to Apply Loan Documentation Required Customers are required to open an account with the Bank of Industry before 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: ACCOUNT OPENING REQUIREMENT LIST 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 ID of all Directors are needed for compliance and credit search) The loan application process will begin after the account is opened. A loan application form is required to be completed and all required documents submitted and verified: LOAN APPLICATION / APPROVAL REQUIREMENT LIST Formal Loan Application on Letterhead Duly completed Loan Application Form Feasibility Study Report on the project to be financed stating write-up on technology and manufacturing process(s), etc. Quotation/Proforma Invoice for the supply of items of Machinery and Equipment. Sources and quotations for Raw Materials expressed in quantity and amount Security: Bank Guarantee, a letter of intent for Bank Guarantee (with Risk Management being part of the authorized signatories) of the commercial bank issuing the guarantee. Any exception should be supported by the Bank’s approval limits OR Legal Mortgage Photocopy of the title document(s) to the property being pledged e.g Statutory Certificate of Occupancy/Deed of Assignment/Conveyance/Deed of sublease Valuation Report on the Property Proposed as Security from BOI’s accredited value Lease agreement, if operating from a rented premises A copy of the draft Technical, Management, Machinery Supply, and/or Joint Venture Agreement (where applicable) Three years’ Audited Financial Accounts and most recent Management Account from a BOI accredited auditor (for an existing business) OR Statement of Affairs (for a business less than one (1) year) Company’s Bank Statement for a period of one (1) year The output of the process is the offer letter Two options are proposed for this stage as shown below Regulatory approvals e.g NAFDAC certificate, Mining Lease Declaration of Outstanding Liabilities to Other Institutions and/or Individual If a loan is approved, the next and that last part of the process is disbursement. Before disbursement can begin, the documents below must be submitted: LOAN AVAILMENT / DISBURSEMENT REQUIREMENT LIST To be provided by the customer: Submission of Letter of Offer duly endorsed by a Director and Company Secretary or two (2) Directors Letter of acceptance of Offer and Letter showing specimen signature of the authorized signatory Board Resolution authorizing borrowing Return of duly executed Loan Agreement Evidence of payment of fees (if applicable – appraisal, commitment, and legal fees) Letter of Attestation Original proforma invoice(s) for the approved item Four (4) Passport photographs of the Chief Promoter and a Director Evidence of filing of Annual Returns, as well as tax clearance certificate -TCC- for the Company, the Chief Promoter, and the Directors of the Company. Evidence of payment (eTCC) should be accepted for deferral Submission of Bank Guarantee or title documents/other legal documents e.g. Statutory Certificate of Occupancy of the pledged property, ground rent receipts, etc. Letter of undertaking to pay interest during the moratorium For more details, visit the BOI website.

YES-P BOI Youth Entrepreneurship Support Program For Young Nigerian Entrepreneurs 2023

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YES-P BOI Youth Entrepreneurship Support Program For Young Nigerian Entrepreneurs 2023

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YES-P BOI Youth Entrepreneurship Support Program For Young Nigerian Entrepreneurs 2023

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YES-P BOI Youth Entrepreneurship Support Program For Young Nigerian Entrepreneurs 2023

Check Your NDLEA Invitation Message/Email 2023

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