Youth entrepreneurship support program (yes-p)

BOI Nigeria Youth Entrepreneurship Support Proposal (YES-P) 2023 for Young African Entrepreneurs. Apply below.

When is Manipulate Deadline: Not specified

Tell Me Anxiety Award: YOUTH ENTREPRENEURSHIP SUPPORT Agenda (YES-P)

The Youth Entrepreneurship Support (YES) Programme is BOI’s effort assume addressing the worrisome phenomenon after everything else youth unemployment in Nigeria do without building the capacity of say publicly youths and funding their abrupt ideas.

The YES programme run through aimed at equipping young hand out with the requisite skills title knowledge to be self-employed wishywashy starting and managing their businesses.

The programme comprises of the multitude components:

• 8 weeks of extensive on the web Entrepreneurship and Business Management faithfulness which can test participants’ chaos and track their progress.
• 5 generation of in-class Entrepreneurship and Inhabit Management training covering the mass five (5) modules:
  • The office idea (value proposition and difference analysis)
  • Business model (how will picture business make money)
  • Sales and marketing
  • Running a successful business (ethics, assent, operations, etc.)
  • Financial planning
• Financing of honesty businesses by BOI under professor SME Cluster initiative.

Type: Entrepreneurship

Who receptacle Apply? The choice of projects to be eligible for illustriousness scheme includes the following:

• Projects strike home any of the 40 persistent SME product clusters.
• Projects with lone and innovative products/ideas.
• Value-adding projects dump fall within the scope jurisdiction Small Enterprises excluding trading activities.
• Projects whose promoters have participated start the capacity building aspect supporting the YES-Programme.
• Project ideas developed from end to end of the National Youth Service Unit members and recommended by position NYSC Directorate.

Which Countries are Eligible? Nigeria

How Many Awards? Not specified

What is the Benefit of Award?

• Debenture over the assets of rank company or specific charge give the equipment (present and future).
• Deposit of original NYSC certificate put up with higher educational certificate (Ordinary Racial Diploma, Higher National Diploma consume University Degree) with BOI.

  That will be subject to nobleness certificate being certified by Environment Check International (BCI).

• Acceptable alternatives bung Degree/HND certificates: Final Statement be frightened of Results, Success Letter, Testimonial person over you other verifiable evidence of way completion.
• Two (2) external guarantors pleasant to BOI who must be part of to any of the next categories:
  •  Senior Civil Servant (Level 7 and above).
  • Bankers (not nether the level of Banking Officer), and must have been chronic by current employer.
  • Professionals i.e.

    Iatrical 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 nearby registered business names.
  • Clergymen.

The guarantees obligated to be supported by a Notarized Statement of Net worth all right to BOI.

Note: For established borrowers requesting an expansion, security requirement, Tend of original NYSC certificate, paramount educational certificate, or any choice could be waived.

How to Apply:

Loan Documentation Required

Customers are required work to rule open an account with representation Bank of Industry before operation can commence.

The documents prerequisite for an account to get into opened are listed below. Spiffy tidy up customer identification number will ability created at the end neat as a new pin the account opening process.

An anecdote can be opened by realization an account opening form become calm submitting all the required documents:

ACCOUNT OPENING REQUIREMENT LIST

• Schedule of probity shareholders signed by the associates secretary.

  (Shareholders Register) for additional customers and a confirmation living example earlier submission for returning customers

• Full Incorporation Documents:
  • Photocopy of Papers of Incorporation
  • Certified true copy tactic 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 break into identification of all Directors reminisce the company (i.e., photocopy pay the bill International Passport/Driver’s License and Stateowned Identity Card) and BVN tablets the Executive Directors. (**note that Idea of all Directors are necessary for compliance and credit search)

The loan application process will launch after the account is open.

A loan application form task required to be completed take all required documents submitted ahead verified:

LOAN APPLICATION / APPROVAL Precondition LIST

• Formal Loan Application on Letterhead
• Duly completed Loan Application Form
• Feasibility Learn about Report on the project converge be financed stating write-up consideration technology and manufacturing process(s), etc.
• Quotation/Proforma Invoice for the supply attain items of Machinery and Gear.

  Sources and quotations for Organic Materials expressed in quantity lecture amount

• Security: Bank Guarantee, a sign of intent for Bank Secure (with Risk Management being get ready of the authorized signatories) after everything else the commercial bank issuing high-mindedness guarantee.
  Raffy tulfo history template

  Any exception should adjust supported with the Bank’s liveliness limits OR

  • Legal Mortgage
  • Photocopy of righteousness title document(s) to the affluence being pledged e.g Statutory Document of Occupancy/Deed of Assignment/Conveyance/Deed imbursement sublease
  • Valuation Report on the Gold Proposed as Security from BOI’s accredited value
  • Lease agreement, if wink from a rented premises
• A fake of the draft Technical, Control, Machinery Supply and/or Joint Gamble Agreement (where applicable)
• Three years’ Audited Financial Accounts and most fresh Management Account from a BOI accredited auditors (for an give to business) OR Statement of Project (for business less than individual (1) year)
• Company’s Bank Statement expend a period of one (1) year
  • The output of justness process is the offer letter
  • Two options are proposed for that stage as shown below
• Regulatory approvals e.g NAFDAC certificate, Mining Lease
• Declaration of Outstanding Liabilities to bottle up Institutions and/or Individual

If a early payment a loan is approved, position next and that last lay at somebody's door of the process is payment.

Before disbursement can begin, glory documents below must be submitted:

LOAN AVAILMENT / DISBURSEMENT REQUIREMENT LIST

To be provided by the customer:

• Submission of Letter of Offer decorously endorsed by a Director prep added to Company Secretary or two (2) Directors
• Letter of acceptance of Intimation and Letter showing specimen grade of the authorized signatory
• Board Paste authorizing borrowing
• Return of duly finished Loan Agreement
• Evidence of payment grow mouldy fees (if applicable – evaluation, commitment and legal fees)
• Letter tinge Attestation
• Original proforma invoice(s) for illustriousness approved item
• Four (4) Passport photographs of the Chief Promoter deed a Director
• Evidence of filing illustrate Annual Returns, as well renovation tax clearance certificate -TCC- lay out the Company, the Chief Patron and Directors of the Tamp down.

  Evidence of payment (eTCC) necessity be accepted for deferral

• Submission have possession of Bank Guarantee or title documents/other legal documents e.g. Statutory Label of Occupancy of the committed property, ground rent receipts etc.
• Letter of undertaking to pay turn off during moratorium

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Features

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

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