The scheme is a special fund to encourage young Nigerian graduates of tertiary institutions who are currently serving under the NYSC programme to start up new businesses as well as expansion of existing ones.
The GEF Programme comprises the following:
- Capacity building Process through the following:
- Selection/screening of the NYSC members that will participate in the capacity building process through questionnaire to be administered on BOI online portal.
- 4 days intensive training on generating a business idea (value proposition), how to run a profitable business (Business Model) and basic financial record keeping. 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).
- Financial support for those with bankable business ideas within BOI’s SME clusters.
About Bank of Industry Limited (BOI)
The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP). The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors.
BOI Graduate Entrepreneurship Fund
Aim and Benefits of BOI Graduate Entrepreneurship Fund
The Graduate Entrepreneurship Fund (GEF) is a product with the following objectives:
- To encourage graduates of tertiary institutions currently undergoing the compulsory one-year NYSC programme, to venture into business and become employers of labour rather than job-seekers.
- To address the entrepreneurship capacity gap of the young NYSC members.
- To deepen financial inclusion by de-risking the NYSC members and making them eligible for small business loans to be provided by BOI.
- Ensure sustainability of the business of the young graduates through effective monitoring of the corps members by the NYSC Directorate and BOI.
Requirements for BOI Graduate Entrepreneurship Fund Qualification
This product will be available to serving NYSC members that have successfully passed through the following stages:
- Screening process
- Attended the capacity building programme developed specifically for the prospects under GEF
- Submitted a bankable business plans in respect of any of the Bank’s identified 40 SME clusters listed in Appendix I. (Any subsequent addition to the Bank’s identified cluster shall also be included)
Documents Required for Application
Security for the facility will be combination of:
- Specific charge over the equipment (present and future).
- Lien on the NYSC discharge certificate
- Undertaking by the NYSC Directorate not to release the discharge certificate until the loan is liquidated.
One (1) external guarantor acceptable to BOI who must belong to any of the following categories:
- Senior Civil Servant (Level 7 and above).
- Bankers (not below the level of banking Officer) and must have been confirmed by current employer.
- Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
- Senior Staff of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers).
e. Elected public servants/administrators.
f. Reputable entrepreneurs with on-going entities and registered business names.
g. Clergy men.
The guarantees must be supported with a Notarized Statement of Net worth acceptable to BOI.
How to Apply
Interested and qualified persons should go to Bank of Industry Limited (BOI) on www.boi.ng to apply
For more details, click here
Application Deadline
Not Specified
