How BOI Youth Entrepreneurship Support: YES-Programme WorksAbbakin
If your are thinking about how to raise money for your business, here is how the BOI Youth Entrepreneurship Support: YES-Programme can befit you.
The Youth Entrepreneurship Support Programme (YES) is a Nigerian Bank of Industry project aimed to help young Nigerian become successful entrepreneurs.
YES is in the BOI’s effort at addressing the worrisome phenomenon of youth unemployment in Nigeria by building the capacity of the youths and funding their business ideas.
The YES-programme is aimed at equipping young people with the requisite skills and knowledge to be self-employed by starting and managing their own businesses.
How BOI Youth Entrepreneurship Support: YES-Programme Works
Participants will be drawn from young aspiring entrepreneurs between the ages of 18 and 35 years, with innovative ideas who must have a minimum educational qualification of an Ordinary National Diploma (OND).
National Youth Service Corps members that have gone through the NYSC’s Skills Acquisition and Entrepreneurship Development Programme (SAED) are also legible.
BOI Youth Entrepreneurship Support: YES-Programme Components
If you are interested in participating in this year’s YES-Programme, below is a list of the components or procedures:
- Eight (8) weeks extensive online Entrepreneurship and Business Management training which has the ability to test participants’ understanding and track their progress.
- Five (5) days in-class Entrepreneurship and Business Management training covering the following five (5) modules:
- The business idea (value proposition & competition analysis)
- Business model (how will the business make money)
- Sales and marketing
- Running a successful business (ethics, compliance, operations, etc.)
- Financial plan
- Technical skills training in partnership with the various technical training and vocational institutes in the country.
- Financing of the businesses by BOI under its SME Cluster initiative in consonance with the United Nations Economic Commission for Africa’s Commodity-based Industrialisation Strategy.
BOI Youth Entrepreneurship Support: YES-Programme Objectives
The YES-Programme has the following broad objectives:
- To create an interactive learning platform to train young aspiring entrepreneurs in Entrepreneurship, Business Management and Technical Skills that will ultimately translate into improved efficiency and productivity.
- To kindle the entrepreneurial spirit of the youths.
- To act as an incubation center where business ideas are nurtured to their full potential as well as entrenching global best practices by inculcating a culture of innovation-driven entrepreneurship and ethics in the programme participants.
- Promotion of self-employment among graduates of institutions of higher learning, thereby changing their job-seeking mindset.
- To deepen financial inclusion by de-risking the young aspiring entrepreneurs and making them eligible for small business loans to be provided by BOI.
YES–Programme Operational Framework
10,000 online applications will be solicited nationwide, out of which 2,000 would be selected for the online training component of the YES programme.
Applicants will register online and will be expected to provide accurate answers to questions.
Such answers count towards determining the suitability of the applicants for the training programme.
Only the top 1,200 online participants will qualify for the in-class training programme annually.
The in-class trainings will be delivered by BOI accredited partner Training Institutes and shall take place on a bi-annual basis at selected centres spread across the six geo-political zones.
Hence, 600 participants shall be trained at the designated locations bi-annually.
The final evaluation and selection of the candidates that will qualify for funding under the YES-Programme, will be by a seven-man panel made up of senior management staff of the Bank and other eminent members made up of successful entrepreneurs, professionals, retired bankers, etc.
BOI Youth Entrepreneurship Support: YES-Programme Partners
The YES specific areas of coverage are the 35 SME clusters contained in the Appendix I.
And this is achieved through collaboration with some SME-Friendly Commercial Banks and other partner organizations that facilitate the Entrepreneurship Capacity Building programme.
These YES-Programme Partners include:
- Pan Atlantic University Enterprise Development Centre (PAU-EDC),
- Kaduna Business School (KBS),
- Leap Africa,
- Prinsult Co. Ltd,
- ValueCon Business Services,
- VSL Consult Ltd,
- Empretec Nigeria Foundation,
- Fate Foundation and
- AfterSchool Graduate Development Centre,
- National Youth Service Corps (NYSC) and
- other technical skills training institutions
YES-Programme Projected Impact
The fund shall be deployed to support the establishment and/or expansion of an estimated 5,000 enterprises promoted by Nigerian youths across the country.
The YES scheme is expected to create a minimum of 20,000 direct jobs and 30,000 indirect jobs annually, totaling 60,000 jobs.
BOI Youth Entrepreneurship Support: YES-Programme Parameters
Individual entrepreneurs can get up to N5 million for loan.
Equity investment could also be considered on a case-by-case basis, and in line with the Bank’s approval limit.
Interest Rate is: 9% per annum. With: 1% processing fee.
Loan Tenor is: 3 – 5 years.
Loan repayment method is monthly by direct payment into BOI’s account or by post-dated cheques.
Please get more info on how youth entrepreneurship support (yes) programme of boi can fund your business
How to register for BOI Youth Entrepreneurship Support: YES-Programme