Bank of Industry Youth Entrepreneurship Support Programme (2023)

June 11, 2023 ninefat Business Loans, Government Loans, Grants, How To, Loans 13

The Youth Entrepreneurship Support Programme (YES-P) by the Bank of Industry is an initiative to tackle youth unemployment in Nigeria. This program is designed to equip young people with the needed skills, knowledge, and resources to develop and fund their business ideas, empowering them to create employment opportunities for themselves and others.

Through the YES-P program, the Bank of Industry provides financial support, technical assistance, and business development services to young entrepreneurs between 18 and 35. This program offers a range of services, including entrepreneurship training, mentorship, and access to finance.

The YES-P program is crucial to promoting entrepreneurship and reducing youth unemployment in Nigeria. By providing young people with the right resources and opportunities, the program is helping to create a new generation of successful entrepreneurs who can drive economic growth and development in the country.

Overview

The Bank of Industry’s Youth Entrepreneurship Support (YES) Programme is an initiative to address the issue of youth unemployment in Nigeria by providing young people with the necessary skills and knowledge to become self-employed by creating and managing their enterprises. The programme aims to build the capacity of young entrepreneurs and fund their business ideas.

Programme Objective

The YES programme aims to create a conducive environment for young entrepreneurs to thrive in Nigeria’s economy. The programme seeks to enhance young Nigerians’ entrepreneurial and managerial skills and provide them with funding to start and grow their businesses.

Eligibility Requirements

Applicants must meet certain requirements to be eligible for the Bank of Industry Youth Entrepreneurship Support (YES) Programme. These requirements are put in place to ensure that the program reaches its target audience and provides support to those who need it the most.

Here are the eligibility requirements for the YES Programme:

  • Applicants must be between the ages of 18 and 35 years old.
  • Applicants must be Nigerians and have a valid means of identification (National ID card, International Passport, Voter’s Card, or Driver’s License).
  • Applicants must have a viable business idea within the key sectors of the economy (agriculture, creative industry, health, and education).
  • Applicants must have a minimum educational qualification of Ordinary National Diploma (OND).
  • Applicants must be able to provide a guarantor who is a reputable member of the society (religious leaders, traditional leaders, or civil servants).
  • Applicants must be willing to undergo an intensive training program on entrepreneurship.

Meeting these requirements does not guarantee acceptance into the program. The YES Programme is highly competitive, and only the best candidates will be selected.

Application Process

To apply for the Bank of Industry Youth Entrepreneurship Support Programme, applicants are required to follow a few simple steps. First, they must check their eligibility by reviewing the program requirements and ensuring they meet them. The program is aimed at young aspiring entrepreneurs within the age bracket of 18 – 35 years who have viable business ideas by developing a Product Program.

Once an applicant has confirmed their eligibility, they must register by visiting the YES Programme application portal (which they can do here). They will receive a confirmation email from the YES Programme with all the details they need to log in. After logging in, they must fill out the application form, providing all the details about their business idea and how they plan to use the funding.

Applicants must open an account with the Bank of Industry before proceeding with the loan application process. The documents required for account opening include a shareholders’ schedule signed by the company secretary.

The application process is competitive, and applicants are encouraged to take their time and provide as much detail as possible about their business ideas. Successful applicants will be notified via email and invited to participate in the program.

Overall, the application process for the Bank of Industry Youth Entrepreneurship Support Programme is straightforward and designed to be accessible to young entrepreneurs with viable business ideas. By following the steps outlined above and providing detailed information about their business idea, applicants can increase their chances of being accepted into the program and receiving funding to help bring their ideas to life.

Benefits

The Bank of Industry Youth Entrepreneurship Support Programme provides young Nigerian entrepreneurs with various benefits to help them succeed in their business ventures. These benefits include financial support, capacity building, mentorship, and networking opportunities.

Financial Support

One of the most significant benefits of the Youth Entrepreneurship Support Programme is its financial support to young entrepreneurs. This support includes loans designed to help entrepreneurs start or grow their businesses. These loans are provided at low-interest rates and flexible repayment terms to ensure entrepreneurs can repay them without undue financial stress.

Capacity Building

Another benefit of the Youth Entrepreneurship Support Programme is the capacity building that it provides to young entrepreneurs. This support includes training and workshops designed to help entrepreneurs develop the skills and knowledge needed to succeed in their businesses. These workshops cover various topics, including business planning, financial management, marketing, and more.

Mentorship

The Youth Entrepreneurship Support Programme also provides young entrepreneurs with mentorship opportunities. This support includes access to experienced mentors who can guide and advise on various business-related topics. These mentors can help entrepreneurs to identify opportunities, overcome challenges, and develop effective strategies for growing their businesses.

Networking

Finally, the Youth Entrepreneurship Support Programme provides young entrepreneurs with networking opportunities. This support includes access to a network of other young entrepreneurs, industry experts and professionals. These networking opportunities can help entrepreneurs build relationships, identify new opportunities, and learn from others who have already succeeded in their businesses.

Overall, the Bank of Industry Youth Entrepreneurship Support Programme provides young Nigerian entrepreneurs with various benefits to help them succeed in their business ventures. By providing financial support, capacity building, mentorship, and networking opportunities, the programme is helping to create a new generation of successful young entrepreneurs driving economic growth and development in Nigeria.

Success Stories

The Bank of Industry’s Youth Entrepreneurship Support Programme (YES) has successfully empowered Nigerian youths by providing them with the necessary funding and training to start their businesses. Here are a few success stories of entrepreneurs who have benefited from the programme:

1. Adenike Adeyemi, Founder of Digital Marketing Agency

Adenike Adeyemi, a graduate of the YES programme, started her digital marketing agency after receiving funding and training from the Bank of Industry. Her agency specialises in creating digital marketing strategies for small and medium-sized businesses. With the help of the YES programme, Adenike was able to turn her passion for digital marketing into a successful business.

2. Chukwuma Okoli, Founder of Agro-Processing Company

Chukwuma Okoli, another YES programme beneficiary, started his agro-processing company after receiving funding and training from the Bank of Industry. His company specialises in processing and packaging locally grown agricultural products, such as cassava and yam, for export. With the help of the YES programme, Chukwuma was able to create jobs for the local community and contribute to Nigeria’s economy.

3. Ugochukwu Obi, Founder of Fashion Brand

Ugochukwu Obi, a fashion enthusiast, received funding and training from the YES programme to start his fashion brand. His brand specialises in creating contemporary African fashion for men and women. With the YES programme’s help, Ugochukwu brought his vision to life and created a brand that celebrates African culture and heritage.

These success stories are just a few examples of how the Bank of Industry’s Youth Entrepreneurship Support Programme has helped Nigerian youths realise their dreams of starting their businesses. Through funding and training, the programme has empowered young entrepreneurs to create jobs and contribute to the growth of Nigeria’s economy.

Conclusion

The Bank of Industry Youth Entrepreneurship Support Programme (YES) is a commendable initiative to address the issue of youth unemployment in Nigeria. By providing funding and capacity-building opportunities to young aspiring entrepreneurs with viable business ideas, the program is helping to create a generation of job creators rather than job seekers.

Through YES, the Bank of Industry is empowering Nigerian youths to take charge of their economic futures and contribute to the growth and development of the country. The program has already significantly impacted, with hundreds of young entrepreneurs receiving funding and training to start and grow their businesses.

However, much work still needs to be done to address the issue of youth unemployment in Nigeria fully. The Bank of Industry and other stakeholders must continue to invest in programs like YES and create an enabling environment for young entrepreneurs to thrive.

Overall, the Bank of Industry’s Youth Entrepreneurship Support Programme is a step in the right direction towards addressing the issue of youth unemployment in Nigeria. Continued investment and support can transform the country’s economic landscape and create a brighter future for its young people.

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