skylm:
the guarantor is any senior civil servant of level 7 and above. Not necessarily some1 with 5 mil in account. But may be som1 with asset of such standard. Note that a fresh graduate starts at level 8 in d civil service, so ur friends who are working can be ur guarantors. cheers!

Is it one guarantor or two?

WORLDPEACE:
Is it one guarantor or two?

You need 2 guarantors, but its not a big deal. Ur friends can stand for you.

skylm:

You need 2 guarantors, but its not a big deal. Ur friends can stand for you.

But each of them must have assets worth 5 million naira?

CuteTj:
@ hippyseason,

Active participation on the platform may also mean that you actually registered on the site, enrolled for the courses and completed them.

I believe the only way they can measure our interaction on the comment page is if they key in our names one after the other and do a word search or go through the pages on after the other and pen down the names that commented (I know a software can do that but it makes no sense to actually go through that stress).

Hippyseason, please tell our tutors not to put spanner in a wheel of progress. Abeg o................ Lol

Or they could build an analytics software into the platform that automatically follows user activity.

skylm:
the guarantor is any senior civil servant of level 7 and above. Not necessarily some1 with 5 mil in account. But may be som1 with asset of such standard. Note that a fresh graduate starts at level 8 in d civil service, so ur friends who are working can be ur guarantors. cheers!

Music to my ears. Makes sense. Something tells me that eventually this money will be made a grant.

Jethrolite:
Music to my ears. Makes sense. Something tells me that eventually this money will be made a grant.

What ever voice you are hearing better be the voice of God o.

WORLDPEACE:

What ever voice you are hearing better be the voice of God o.

I hope so too.

hello, any information on inclass training.

bibinwaka:
hello, any information on inclass training.

No information yet...

But I think we should just focus our mind on next month before the invitation mail would be coming in.

http://www.boi.ng/yes-programme-in-class-mds-speech/
Speech by BOI Ag. MD on 19 Sept @ Cohort 1 in-class training opening.
Completed my online training today. I'm most grateful to everyone that contributed useful info on this thread making the journey so far quite interesting.
May God see us through the very last stage and prosper our businesses.

WORLDPEACE:

But each of them must have assets worth 5 million naira?

They didn't concentrate on assets, rather they made emphasis on someone credible. You can check the below pdf from the in-class training for more details.

skylm:

They didn't concentrate on assets, rather they made emphasis on someone credible. You can check the below pdf from the in-class training for more details.

You are the man, man! Thanks for being responsive. I appreciate your invaluable contributions to this thread.

WORLDPEACE:

You are the man, man! Thanks for being responsive. I appreciate your invaluable contributions to this thread.

its saying corrupt file afta multiple downloading ,plz bro,can u plz share d file wit me on WhatsApp or telegram.....dis is my number 07060523565.... tankz

gspace1960:


its saying corrupt file afta multiple downloading ,plz bro,can u plz share d file wit me on WhatsApp or telegram.....dis is my number 07060523565.... tankz

I'm having problem too reading it here. My pdf reader can't open it. We'll have to tell him to resend it.

skylm:

They didn't concentrate on assets, rather they made emphasis on someone credible. You can check the below pdf from the in-class training for more details.

Can't read the file. Perhaps you'd resend it again, please?

Can i upload just my business plan, CAC business document and nysc certificate only on the BOI loan application website only ? I want to fill my loan application tomorrow.

gspace1960:


its saying corrupt file afta multiple downloading ,plz bro,can u plz share d file wit me on WhatsApp or telegram.....dis is my number 07060523565.... tankz

sorry guys, here is what the text looks like:
here are images in this attachment, they will not be displayed. *Page 1* *HOW TO
ACCESS BOI FUNDS* ------------------------------ *Page 2* *5 EASY STEPS TO ACCESSING BOI
* *FUNDS*  Step 1 – Establish whether you need funds and how much.  Step 2
– Get a copy of the checklist of requirements for the BOI funds based on the legal
structure of your business (is your business a sole proprietorship or limited liability
company?)  Step 3 – Write a feasibility study that is in line with BOI requirements.  Step 4 – Assemble all your documents and fill the required forms.  Step 5 –
Submit all your documents with a covering letter. ------------------------------ *Page 3* *STEP
1 – DO I NEED FUNDS?*  The first thing to do is to establish whether you need
funds and how much?  This process helps us to articulate what the funds will be
used for and how your business will be able to pay back both the principal and
interest and still make profit. ------------------------------ *Page 4* *STEP2 - CHECKLIST OF REQUIREMENTS * *FOR THE BOI FUNDS*  The Bank of Industry has a standard
checklist of required documents to access funds (a copy will be given to you). 
The checklist are a list of documents every registered / incorporated business in
Nigeria should have.  Go over the check list and start to assemble the documents
you need.  Outside the general funds, BOI has what is known as the approved list
of product clusters. ------------------------------ *Page 5* *WHAT IS THE APPROVED LIST OF* *PRODUCT CLUSTERS?*  These are special funds for specific industries. The
advantage of these special funds are:  That the
interest rates are usually cheaper than the general BOI funds
 The funds have long tenors
 They are customised for your industry, thus
addressing the peculiarity of the nature of your business.  Check out the approved list and find out if your industry is included and apply for the special fund.
However, if your industry is not on the list, go ahead and apply for the general fund.
------------------------------ *Page 6* *STEP 3 – WRITE A BANKABLE BUSINESS * *PLAN* 
Your business plan is that document that sells your idea to the bank of Industry. Write
a good one.  Where you are unable to write a bankable business plan, outsource
it. The Bank of Industry has appointed Business Development Service Providers. They are professionals who can assist you with the assembling your documents at a pocket
friendly fee.  Visit the BOI website for the list of Business Development Service
Providers nationwide. ------------------------------ *Page 7* *STEP 4 – ASSEMBLE ALLYOUR *
*DOCUMENTS *  Armed with the checklist, assemble all your documents. Ensure
all your documents are complete before submitting.  Also ensure that you fill the
required forms completely and accurately (see the workbook for a copy of the form).  Your presentation matters. At this stage, make it easy for the loan review
officer. ------------------------------ *Page 8* *STEP5 – SUBMITALLYOUR * *DOCUMENTSAND
FORMS *  This is because BOI will only start processing your documents when they
are complete.  Also ensure you forward all your documents with a covering letter
itemising all that you are submitting and collect your acknowledgement letter.
------------------------------ *Page 9* *5 SECRETS OFA SUCCESSFULAPPLICATION*  Character 
Capacity  Capital 
Collateral  Conditions ------------------------------ *Page
10* *CHARACTER* *BOI will:*  investigate your payment history,  review a
credit bureau report,  and consider your educational background and experience
in business. The quality of your references, your background and experience of your employees will also be considered. ------------------------------ *Page 11* *CAPACITY*
Capacity refers to your ability to meet the loan payments. *BOI will:*  Want to
know exactly how you intend to repay the loan.  Consider the cash flow from the
business.  The timing of repayment.  The probability of successful repayment
of the loan.  Consider payment history as an indicator of future payment
potential. For example, if you have a history of not paying back loans then it becomes more difficult to obtain additional loans. ------------------------------ *Page 12* *CAPITAL*
Capital is the money invested in the business and is an indicator of how much is at
risk should the business fail.  BOI will generally consider the company's debt-to-
equity ratio to understand how much money BOI is being asked to lend (debt) in
relation to how much the owners have invested (equity).  A high debt-to-equity
ratio also indicates that the company already has a high level of loans and could be at higher financial risk. ------------------------------ *Page 13* *COLLATERAL* Collateral is a
form of security for BOI. Banks usually require collateral as a type of insurance in
case you cannot repay the loan. Security for the facility would be combination of: I.
Debenture over the assets of the company or specific charge over the equipment
(present and future). II. Deposit of original NYSC certificate and higher educational
certificate (Ordinary National Diploma, Higher National Diploma or University Degree) with BOI. This will be subject to the certificate being certified by Background Check
International (BCI). ------------------------------ *Page 14* *COLLATERALCONT’D* Background
Check International, (BCI), Incorporated July 21, 2004 is the arrowhead of the
background check industry in Nigeria that specializes in full-service Background
Checks, Employment Screening, Claims Verification, Risk Assessment/Management,
Vital Documents Verification and Investigative Due Diligence Services. ------------------------------ *Page 15* *COLLATERAL CONT’D* III. Two (2) external guarantors
acceptable to BOI who must belong to any of the following categories: a. Senior Civil
Servant (from level 7 and above). b. Bankers (not below the level of Banking Officer)
and must have been confirmed by current employer. c. Professionals i.e. Medical
Doctors, Lawyers, Accountants, Engineers, etc. d. Senior Staff of reputable
Companies. e. Elected public servants/ administrators f. Reputable entrepreneurs with on-going entities and registered business names g. Clergy men  The guarantees
must be supported by Notarized Statement of Net worth acceptable to BOI. A sample
is available on BOI’s website – www.boi.ng ------------------------------ *Page 16*
*CONDITIONS* This refers to the intended purpose of the loan, for example working
capital, additional equipment, or new offices.  The Bank of Industry funds the
purchase of plants, machines and the generator to power these plants.  BOI finances up to 100% of the investment or up to 50% of loan requested as working
capital under the YES-P. ------------------------------ *Page 17* *YES-P PROJECTS* The choice
of projects to be eligible for the scheme includes the following: • Projects in any of
the identified SME clusters. • Projects with unique and innovative products / ideas. •
Value-adding projects that fall within the scope of Micro and Small Enterprises
excluding trading activities. ------------------------------ *Page 18* *YES-P PROJECTS CONT’D* The choice of projects to be eligible for the scheme includes the following: • Projects
whose promoters have participated in BOI’s Entrepreneurship Capacity Building
programme. • Projects that promote the development of the One Local Government
One Product (OLOP) initiative under NEDEP. • Project ideas developed by the National
Youth Service Corps members and recommended by the NYSC Directorate.
------------------------------ *Page 19* *WHATARE YOUR EXPECT

hmm, what of those with business idea, that are starting afresh. how will they provide all this requirements

skylm:

sorry guys,

Great guy!

The info is sincerely and deeply appreciated.

God bless you richly

Be Purposeful: Rich Melcombe adds: “Entrepreneurs must have passion and believe in what they are doing or they are destined to fail".

Learn How to Sell Your Vision:

Converting your idea to a reality requires you to help others understand your vision. Selling vision is much like selling change. Clearly define your value proposition and how it can generate revenue.

Selling lofty ideas without understanding how it will achieve financial results will never get you the right audience.

Believe in Yourself:

You can’t take action until you believe in yourself enough to handle the consequences of your decisions.

Any time you assume the responsibility to give something that had not existed before an opportunity to become a reality – you become accountable for your actions.

Accountability requires believing in yourself enough to be 100% dedicated to getting the work done. Most people fail to take an idea to fruition because the unexpected challenges become more than they think they can handle and thus they no longer want to be accountable. They lose the belief in themselves to see things through all the way to the end.

Make Work/Life Balance a Priority:

No matter how smart, passionate, or focused
you work, without balance we are all
susceptible to burnout. Mind, body and soul
must be properly aligned.

Take the time to Make Work-Life Balance a Priority: It will give you greater clarity of thought and help you keep things in perspective.

Successfully converting an idea into a reality is a marathon, not a sprint. Pace yourself so that you can reflect upon the mission at hand.

Always be aware of what you are attempting to accomplish. Don’t overwhelm your mind; give yourself some breathing room and allow your creativity to expand.

Be Extremely Patient:

Compromise is a choice, not a sacrifice. Don’t put too much pressure on yourself. Take the time to appreciate the journey and understand how things work.

Most people are too anxious to get their desired results and thus start to make bad decisions as they go. One thing is certain: the journey will be filled with unexpected outcomes that you may not be prepared to deal with.

Don’t let this get you down, but keep your head up and respect the process and where it takes you. You will learn a lot about your threshold of risk and ability.

Equally, you will learn that many doubters are ready to stand in your way and may attempt to bring you down; this is when the ride gets uncomfortable.

Constantly re-evaluate those with whom you are sharing the journey (i.e. your inner circle).

if your loan application has been granted by BOI, kindly explain to us the full documents you uploaded on the yes-p website. I an referring to my fellow cohort 1.
I do not know if submitting just my business plan, business registration certificate and duly completed guarantors form on the website is enough?

please o cohort 1 reply the above. we really need the information.

edoman2016:
if your loan application has been granted by BOI, kindly explain to us the full documents you uploaded on the yes-p website. I an referring to my fellow cohort 1.
I do not know if submitting just my business plan, business registration certificate and duly completed guarantors form on the website is enough?

Bros if U ve a BOI office in ur state, it's better to submit hard copy of the docs and they comprises ur 4 passport photos, ur formal apllication letter, ur cert of in-class training cert, ur CAC/BN form 01, ur copy of higher sch certs, ur national id, drivers license or int'l passport, in addition to those U mentioned.
P.S U will also collect and fill a financial statement of net worth for each of the guarantor forms. U collect d forms at BOI office, so its better to visit their office.
U can decide to submit all ur docs online or at BOI office, ur choice bro.

Has anyone loan application been granted? And what was the documents you submitted?

skylm:

sorry guys, here is what the text looks like:

Thanks very much. God bless you.

This guarantors stuff is making a lot of people to get tired of the program after an enthusiastic start, people are now getting fed up, not impressed and that was where FG/BoI got it wrong.

This program was a continuity of a grant, so why making it difficult for people that are just starting up. Have they forgotten that some are grade one orphans that have nobody in this world who could stand for them?? I have more than 4 capable guarantors but my opinion is that this guarantors thing is a set back to the mission and vision of the YES-P. I wish I could have one-on-one interaction with the management of YES-P and every other similar Empowerment Program

But instead of getting fed up and tired and quitting, why can't we seek for solutions??
Let come together and design a workable solution.

I believe FG/BoI would later realize when the percentage of successful applicants that qualified for loan is very lesser to those who got the loan. I don't believe that more than 20% would have the loan which is a set back that is caused by FG/BoI useless guarantors principles.

They must be accountable not only to themselves but to the general public as well at the end of the program before they could embark on another one.

I would be watching...

But before then express yourself with tweet on @BOINigeria @GovNigeria #EliminateGuarantors if you support removal of guarantors

@skylm, are you done with your documentation with BOI? Or you are still on the process? It has not been easy for me to get a good machine fabricators who are also affordable. Their quotations are too expensive. All of them are saying high dollar rate is the reason.

If anyone knows any very good machine fabricator whose price is also fair, can recommend him/her to me.