Bank of Industry (BOI) 2021-2022 NYSC Trust Fund Registration Portal (Graduate Entrepreneurship Fund)

Published: 30 Aug 2021 1,824 views

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:

1. Capacity building Process through the following:
   1. Selection/screening of the NYSC members that will participate in the capacity building process through questionnaire to be administered on BOI online portal.
   2. 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).

1. Financial support for those with bankable business ideas within BOI’s SME clusters.

BOI Graduate Entrepreneurship Fund

Application Deadline	Not Specified
Country to study	Nigeria
Type	Entrepreneurs
Sponsor	Bank of Industry Limited (BOI)
Gender	Men and Women

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

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)

Application Documents

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:

1. Senior Civil Servant (Level 7 and above).
2. Bankers (not below the level of banking Officer) and must have been confirmed by current employer.
3. Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
4. 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.

Application Deadline

Not Specified

How to Apply

Interested and qualified? Go to Bank of Industry Limited (BOI) on www.boi.ng to apply