The Bank of Industry launched a new, N12 billion empowerment program called “The 0% Entrepreneurship Fund”. It was created for Nigerians who are currently unemployed.
The Entrepreneurship Fund has several purposes:
- Creating an environment for Nigerians to start their own businesses;
- Encouraging students/traders to become employers rather than job-seekers/labourers;
- Making the financial assistance of Nigerians meaningful and less risky;
The terms to follow in order to get the Bank of Industry loan
The BOI Nigeria is willing to create the best environment for graduate/non-graduates citizens. However, it may not be that easy to get the loan. The programme requires the following:
1) An entrepreneurship capacity building program that lasts for two or three days. The training is mostly concentrated on generating a Business Model.
2) An online Business Plan Competition where graduated students and non-graduate citizens will show off their business ideas.
3) And finally there is a loan for up to 2 million of Naira that is given to those who have won the competition. The credit will be provided within BOI’s 35 SME clusters with tenors ranging from three to five years inclusive of six to twelve months moratorium period. The funds are expected to create about 20,000 direct jobs and 100,000 indirect jobs annually.
Note: The loan is available for those who have successfully done the following:
1) Passed the process of screening.
3) Attended the above-mentioned capacity building programme
4) Filled the Bank of Industry loan application form
Submitted a potentially successful business plan.
There are also several scheme partners that the Bank of Industry is collaborating with:
- SME Friendly Banks;
- Partner Enterprise Development Centers/Institutions;
- Partner Technical Skills Training Institutions;
- The management of the National Youth Service Corps.
The loan processing and inspection time will take up to 2-4 weeks. The Bank of Industry loan for graduates has to be paid monthly and weekly for the non-graduates. The source of payment can be the proceeds of one’s business. There are a lot of opportunities for those who are looking for them. If you are confident in your business idea, then apply for the Entrepreneurship Fund and the Bank of Industry Nigeria loan.