Get set for success with the BOI Youth Entrepreneurship Support Program (YES-P) 2023.
Learn, innovate, and launch your business.
Check out this article for all you need to know about applying and starting your entrepreneurial journey in Nigeria!
Nurturing Nigerian Potential: The BOI Youth Entrepreneurship Support Program (YES-P) 2023
The Bank of Industry (BOI) in Nigeria presents the Youth Entrepreneurship Support Program (YES-P) in 2023, an initiative to counter the concerning issue of youth unemployment in Nigeria.
This initiative is geared towards cultivating young minds and their innovative business concepts.
By imparting essential skills and knowledge, YES-P endeavors to help young individuals carve out a self-sustaining path through the creation and management of their own businesses.
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.
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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