The Bank of Industry (BOI) is offering loans of up to N3 million to fresh graduates who are about to complete their mandatory 1-Year Youth Service or NYSC.
The Graduate Entrepreneurship Fund (GEF) scheme is the Bank’s first youth programme which was launched in October 2015 and is facilitated by the BOI’s partner Entrepreneurship Development Centers/Institutions in collaboration with the National Youth Service Corps (NYSC) Directorate. This initiative is specifically targeted at youths undergoing the mandatory one (1) year national service programme.
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. The GEF Programme comprises the following:
Eligibility Criteria
- 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 plan 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)
Loan Requirements
- 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.
Loan Documentation Required
Customers are required to open an account with the Bank of Industry before application can commence. The documents needed for an account to be opened are listed below. A customer identification number will be created at the end of the account opening process.
Loan Features
- Single Obligor Limit: ₦3 Million
- Tenor: 3-5 years
- Moratorium: 6 Months
- Pricing/Charges: Interest Rate: 0%, Legal Fee: Statutory Fees: Payable to Government Agencies (Stamp Duties, Registration Fees, CAC Filing fees, etc.) – These fees are dependent on the security arrangement, loan value and location of security, Professional legal fees: Dependent on loan value.
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