THE Bank of Industry (BoI) said it has revised its interest rates on loans for members of the National Youth Service Corp, NYSC, under its Graduate Entrepreneurship Fund (GEF) programme to zero per cent from nine percent as part of its move to encourage youth entrepreneurship.

The GEF scheme being implemented by the bank in partnership with the NYSC Directorate, currently in the second edition, has recorded over N262.9 million disbursements to 177 successful candidates.

BoI, in a statement, said the loans at zero per cent interest became effective from May 01, 2017, adding that existing GEF loans and those to be disbursed from that date will require repayment of only the principal amounts, while the 177 candidates that have been financed under the scheme will be required to pay loan interest that accrued up to 30th April, 2017.

The bank noted that as at March 31, 2017, it approved N583.8 million for disbursements for entrepreneurs under the scheme, adding that the gesture was motivated by the larger part of the 177 candidates who have exhibited strong dedication to their businesses and have demonstrated unusual commitment to repayment of their loans, including the nine percent interest.

“The Bank of Industry is highly delighted in the outcome of its investment in these young Nigerians. The bank firmly believes that entrepreneurship is a critical pathway to resolving the worrisome unemployment problem in the country. Hence, the bank desires to ensure the businesses that have been created through the GEF programme remain sustainable with progressive migration from small businesses to medium and eventually to large enterprises.

It is believed that this gesture will further attract young Nigerians that are undergoing their one-year compulsory National youth service to embrace entrepreneurship by participating in the GEF programme. It is pertinent to reiterate that the zero per cent interest charge on loans only applies to the GEF programme which is implemented in partnership with NYSC Directorate,” the bank stated.

http://fabinfos.com/bank-industry-unveils-zero-interest-loan-nysc-members/

Forget even loans. Cost of running biz in naija is too much. Overhead cost alone can gulp 30% of those funds.
If we can fix power in Nigeria, most smes can survive. How can you even do online stuffs without power?
Even me as a data seller, I need power constantly and often use gen to power my gadgets.

Anyway see below for details...

how do we apply?

What are the requirements, processes?? How do I apply

Wow!

If i had this opportunity then as a corper



God knows where I would have been now







WE still thank God
Cos we still on the right track


For the ones quoting me ,it was a typo
Thanks for ur efforts tho

Nigeria we hail thee

This sounds good... Hmm

Niz one us way wan go serve now na to collect that money carry flex

..

This is good. Now its all about business initiatives.

I keep saying it Capital is the least of a problem for any business in Nigeria. These loans will turn into bad debt in the end creating more problems. Many so called "entrepreneurs'' are just looking for money to spend.

brunofarad:
If i had this opportunity then as a corpse



God knows where I would have been now







WE still thank God
Cos we still on the right track

Hmmnn.... corpse

FOUND A LOST INTL PASSPORT AT MY OFFICE YESTERDAY.
BEARER NAMES ARE: ALAO OLANIYI BAYONLE
COME TO THE OYO STATE MINISTRY OF AGRICULTURE TO RETRIEVE IT.
U MAY CALL: 08072991527

Please does anyone have idea on how to go about acquiring school loan?

FOUND A LOST INTL PASSPORT AT MY OFFICE YESTERDAY.
BEARER NAMES ARE: ALAO OLANIYI BAYONLE
COME TO THE OYO STATE MINISTRY OF AGRICULTURE TO RETRIEVE IT.
U MAY CALL: 08072991527

deeMarc:
Can someone collect and run away with the money?. Say out of the country.

Thief oriented brain
And u will say naija is corrupt

brunofarad:
If i had this opportunity then as a corpse



God knows where I would have been now







WE still thank God
Cos we still on the right track

Really? Corpse? Guess thats a typo which u shd fix!

This is a good initiative by this govt and I expect corp members to latch on ds n get funding for their viable business ideas!

Time to venture into agriculture

bot101:



Hmmnn.... corpse

Probably autocorrect. What that thing can do.

brunofarad:
If i had this opportunity then as a corpse



God knows where I would have been now







WE still thank God
Cos we still on the right track

Oh dear, thank God you didn't have such opportunity cos u wud have been 6ft below

1stdammy:
What are the requirements, processes?? How do I apply

Applications closed brother.

Emmyk:
Probably autocorrect. What that thing can do.

Many wonderful wonders.

Partnerbiz:
Forget even loans. Cost of running biz in naija is too much. Overhead cost alone can gulp 30% of those funds.
If we can fix power in Nigeria, most smes can survive. How can you even do online stuffs without power?
Even me as a data seller, I need power constantly and often use gen to power my gadgets.

Anyway see below for details...

Much as you are right on the power issue not every business is heavily reliant on power. There are businesses that have to do with small scale exporting given current exchange rate that will bring back good revenues.

There is cloth making, fashion designing, agriculture, transport and delivery business, food business, trading in commodities etc.

I think the main thing is how easily accessible are these loans and if there are no bottleneck bureaucracy involved in the procurement of these loans.

Thank God am grabbing that loan in the name of Yahweh

watch out for my new song titled "cucumber"

brunofarad:
If i had this opportunity then as a corpse



God knows where I would have been






WE still thank God
Cos we still on the right track

REALLY .....RIP

Partnerbiz:
Forget even loans. Cost of running biz in naija is too much. Overhead cost alone can gulp 30% of those funds.
If we can fix power in Nigeria, most smes can survive. How can you even do online stuffs without power?
Even me as a data seller, I need power constantly and often use gen to power my gadgets.

Anyway see below for details...

another wailer sighted. before it was about no money to do business, now that there is money the wailing song has changed to cost of doing business in Nigeria is high.

Watch again as this useless government releases all the allocated funds to themeselves and those related to Buhari.
Buhari did thesame in 1984 and by the time his then inlaw had amassed half of the loadn, he ordered the closure of that loan scheme.

Till today where are our money? Has Nigeria ever asked for those loan returns?
GENERAL DECEIT BUHARI

brunofarad:
If i had this opportunity then as a corpse



God knows where I would have been now







WE still thank God
Cos we still on the right track

corps member not corpse

humblemikel:


REALLY .....RIP

It was a typo



Madam sabi sabi