How to Apply for BOI Youth Entrepreneurship Support Programme in Nigeria; The Youth Entrepreneurship Support (YES) Programme by the Bank of Industry provides access to financing for young Nigerian entrepreneurs between 18-35 years old. Qualified applicants can receive loans from ₦500,000 up to ₦10 million with an interest rate of 5% per annum. This guide will explore eligibility requirements, application process and tips for successfully accessing the BOI YES funding.
Overview of YES Programme
The YES initiative was launched in 2016 to boost youth entrepreneurship and employment in Nigeria. The program targets Nigerian youth who own or run an enterprise in various sectors including agriculture, manufacturing, education, technology, creative industries and more.
The loan amount accessible depends on the project and enterprise needs. Interest rate under the YES programme is set at 5% per annum with a flexible repayment period of 3-5 years. No collateral is required for loans up to ₦5 million. This makes funding accessible to youths with promising business ideas but limited capital.
Eligibility Criteria for BOI YES Loans
To qualify for funding under the YES program, applicants must meet the following criteria:
– Be a Nigerian youth within 18-35 years old
– Own or manage an enterprise based in Nigeria
– Have a minimum of SSCE/OND/NCE certification
– Have completed the mandatory BOI YES training
– Have a 12-month old business if an existing enterprise
– Possess relevant skills, licenses and permits
– Have a 50% equity contribution already for the project
– Present guarantors acceptable to BOI
– Submit required documents
Ineligible Activities and Enterprises
There are some business activities and enterprises that do NOT qualify for loans under the YES program:
– Gambling, casinos or related activities
– Money lending activities
– Multi-level marketing
– Pure real estate development
– Any activities deemed illicit or dangerous
– Individual entrepreneurs without an enterprise
Required Documents
To begin your application, these documents must be prepared:
– Completed BOI YES application forms
– Detailed business plan for the enterprise
– 18-month cash flow projection
– nForm CAC documents: CO2 and CO7
– Company profile with background info
– Relevant licenses and permits
– Evidence of enterprise site ordeal agreement
– Recent passport photos of directors
– Valid means of ID for directors (national ID, voter card etc.)
– Tertiary institution certificates of directors
– Two recent passport photos of guarantors
– One year tax clearance certificate (for existing business)
Step-by-Step Application Process
Follow these key steps to apply for BOI YES youth entrepreneurship loans:
1. Check eligibility status to confirm you meet all criteria required. Gather documents early.
2. Download application forms from BOI website or branches. Fill out fully and accurately.
3. Write a detailed and realistic business plan for your enterprise. Highlight funding needs and projections.
4. Prepare 18-month cash flow forecast showing expected income, costs, profit etc.
5. Download and complete the BOI YES mandatory entrepreneurship training.
6. Submit all application documents either online or to the nearest BOI branch office. Include guarantor forms.
7. Cooperate with any additional information requests and feasibility assessments on your business.
8. If approved, review and accept your BOI YES funding offer and terms.
9. Access disbursement based on agreement schedule after fulfilling any additional pre-disbursement conditions.
Application Tips and Tricks
To boost chances of approval, employ these application tips:
– Provide realistic and achievable business plans with clear funding needs.
– Have professional business plan design and viable financial projections.
– Show good potential market, industry experience and capabilities.
– If possible, fund 50% of project cost before applying.
– Choose reliable guarantors like employers, religious or community leaders.
– Ensure all documents are legitimate, accurate and verifiable.
– Respond promptly to any additional information requests.
– Be willing to start small if full amount is not approved initially.
The BOI YES loan presents excellent financing opportunities for aspiring youth entrepreneurs across Nigeria. By meticulously applying and showcasing solid business ideas, young applicants can access funding to turn vibrant enterprises into reality.