BOI-GEF N2Bn funding scheme application still opens for serving Corps Members

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[Opportunity]–The Nigeria’s Bank of Industry has put up not less than 2 Billion Naira loan scheme for serving youth corps members in the country.

The scheme which was tagged “Graduate Entrepreneurship Fund (GEF)” is the Bank’s first youth programme.

Now in its third year, the programme was first launched in October, 2015 and it is being implemented by the Bank in partnership with the National Youth Service Corps (NYSC) Directorate.

In a statement published on its website. the Bank stated that “the aim is to change the job-seeking mindset of Nigerian youths to entrepreneurship and self-reliance by encouraging them to develop skills for self-employment and to contribute to the accelerated growth of the national economy.

“Hence the introduction of the Graduate Entrepreneurship Fund programme to address the worrisome phenomenon of unemployment and restiveness.”

The scheme includes a process involving the selection/screening of NYSC members that will participate in the capacity building programme.

After this, the bank will organise a 4-day intensive training on generating a business idea (value proposition), how to run a profitable business (Business Model) and basic financial record keeping and this will be done in collaboration with the NYSC Directorate and shall be facilitated by BOI’s partner Entrepreneurship Development Centers/Institutions in the 36 states of the federation, including the Federal Capital Territory (FCT).

Lastly, the bank will give financial support for those with bankable business ideas within BOI’s SME clusters.

Successful applicants will have the opportunity to receive up to 2 Million Naira interest free loan each using only NYSC certificates as collateral.

And the loan will be serviced between 3 to 5 years.

Eligible applicants–  2017 Batch A and B Corps Members – can apply through the Bank’s online portal.


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