Are you a fresh graduate and a member of the National Youth Service Corps? Do you need money for your projects or to start a small scale business? Today is your lucky day! The Bank of Industry (BOI) Nigeria offers loans for students who have graduated. Let’s learn more about it, shall we?
Bank of Industry loan for students
On October 5, 2015, the Bank of Industry launched a new, N2 billion empowerment program called “The Graduate Entrepreneurship Fund”. It was created for graduates who is taking part in the National Youth Service Corps. The Graduate Entrepreneurship Fund has several purposes:
- Creating an environment for students to start their own businesses;
- Making the member of NYSC eligible for concessional loans;
- Encouraging students to become employers rather than job-seekers;
- Making the financial assistance of the member of the National Youth Service Corps meaningfool and less risky;
- Effectively monitoring the NYSC Directorate and BOI thus creating new loan beneficiaries for graduate students.
The terms to follow in order to get the Bank of Industry loan
READ AlSO: Business loans in Nigeria
The BOI Nigeria is willing to create the best environment for graduate students who are taking part in the National Youth Service Corps. However, it may not be that easy to get the loan. The programme requires the following:
- An entrepreneurship capacity building program that lasts for two or three days. The training is mostly concentrated on generating a Business Model.
- An online Business Plan Competition where graduated students will show off their business ideas.
- And finally there is a loan for up to 2 million of Naira that is given to those who have won the competition. The credit will be provided within BOI’s 35 SME clusters with tenors ranging from three to five years inclusive of six to twelve months moratorium period.
The funds are expected to create about 5,000 direct jobs and 25,000 indirect jobs annually.
Note that the loan is available for those who have successfully done the following:
1. Passed the process of screening.
2. Attended the above-mentioned capacity building programme.
3. Filled the Bank of Industry loan application form.
4. Submitted a potentially successful business plan.
There are also several scheme partners that the Bank of Industry is collaborating with:
- SME Friendly Banks;
- Partner Enterprise Development Centers/Institutions;
- Partner Technical Skills Training Institutions;
- The management of the National Youth Service Corps.
The loan processing and inspection time will take up to 2-4 weeks. The Bank of Industry loan for graduates has to be paid monthly. The source of payment can be the proceeds of one's business.
There are a lot of opportunities for those who are looking for them. If you are confident in your business idea, then apply for the Graduate Entrepreneurship Fund and the Bank of Industry Nigeria loan.
READ ALSO: What is Perfect Money all about?