BOI Youth Entrepreneurship Support Program (YES-P) 2023: Launch Your Business and Achieve Success

Introduction:

Are you a young entrepreneur looking to start your own business? The BOI Youth Entrepreneurship Support Program (YES-P) 2023 is here to help you succeed. This comprehensive program, initiated by the Bank of Industry (BOI) in Nigeria, aims to tackle the issue of youth unemployment by nurturing the creative business ideas of young individuals. If you're eager to kickstart your entrepreneurial career in Nigeria, keep reading to find out all the information you need to apply and embark on this exciting journey.

Program Components:

The YES-P is designed with several key components that provide aspiring entrepreneurs with the necessary skills and knowledge to establish and manage their own successful enterprises. These components include:

1. Online Course: Participants will have access to an extensive eight-week online course in entrepreneurship and business management. This platform allows individuals to test their understanding and track their progress throughout the program.

2. In-Person Instruction: Five days of in-person instruction will be provided, focusing on essential modules such as creating a business concept, developing a business plan, understanding marketing and sales strategies, running a profitable business, and financial planning.

3. Financial Support: Through its SME Cluster project, the BOI offers financial support to eligible businesses that fall within the identified SME product clusters. This support can be instrumental in the growth and expansion of these enterprises.

Benefits for Participants:

Engaging in the YES-P program comes with numerous advantages for participants. Some of these benefits include:

- Collateral Creation: Participants can use corporate assets or a specified charge over current and future equipment as collateral for loans.

- Document Deposits: The original NYSC certificate and higher education certificates can be deposited with the BOI. In the absence of a degree or HND certificate, alternative verifiable proof of course completion can be submitted.

- Guarantors and Security Requirements: The BOI requires two external guarantors from specific categories, accompanied by a Notarized Statement of Net Worth. Established borrowers seeking expansion may benefit from decreased security requirements.

Eligibility Criteria:

To qualify for the YES-P program, selected initiatives should meet the following criteria:

- Belong to one of the 40 SME product clusters identified.

- Demonstrate unique and original ideas/products.

- Involve trading activities with value addition, falling within the category of small businesses.

- Be led by promoters who have participated in the YES-Programme's capacity-building component.

- Be proposed by National Youth Service Corps (NYSC) members and approved by the NYSC Directorate.

Application Process:

To apply for the YES-P program, you must first open an account with the Bank of Industry. This process requires the submission of specific documents to generate a customer identification number. Once the account is opened, you can begin the loan application process by completing the loan application form and submitting the necessary paperwork. If your loan is approved, additional documentation will be required for the final payout.

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Don't miss out on this incredible opportunity to launch your business and pave the way for success. To learn more and start your application, visit the official BOI website.

Note: This article is for informational purposes only. Please refer to the official BOI website for the most accurate and up-to-date information regarding the YES-P program.