Source:
http://m.guardian.ng/business-services/industry/boi-increases-on-lending-fund-for-smes-under-yes-scheme/

Following the turnout of applicants for its N10 billion facility earmarked for on-lending to small businesses under the Youth Entrepreneurship Support (YES) programme, the Bank of Industry (BoI) has concluded plans to expand the fund size as well as accommodate more candidates under the scheme.

Specifically, the bank noted that due to the high rate of applications received for the YES initiative, it would increase the size of the fund from the initial N10 billion, while considering an increase in the number of would-be loan beneficiaries from 1,200 yearly to 4,000 candidates.

Speaking at the assessment exercise of the initiative and inauguration of a seven-man panel to serve on the application screening committee in Lagos, BoI’s Acting Managing Director, Waheed Olagunju, noted that out of the 40,000 applications received, 15,000 or 37.5 per cent were properly completed and thus qualify for consideration for the first segment of the entrepreneurship capacity building programme which is the eight weeks online training component.

“This programme was launched in response to the alarming unemployment problem among Nigerian youths. Having noticed the huge volume of registration on the online portal of 40,000 which has far outstripped the 10,000 entries earlier envisaged by 300 per cent over the six-week period, we have come to the realisation that Nigerian youths have enormous entrepreneurial appetite waiting to be unleashed on the nation’s economy in a positive sense.

“We have therefore come to the conclusion that we should provide more opportunities for the youth by increasing the number of would-be loan beneficiaries from 1200 to 4000. Efforts would be made to ensure a fair distribution of the beneficiaries in consonance with the proportion of entries received from the six geopolitical zones”, Olagunju added.

Minister of Industry, Trade and Investment, Dr. Okechukwu E. Enelamah, while inaugurating the committee, commended the bank for the initiative, saying, “I am quite satisfied with the implementation of the YES-Programme thus far, considering the calibre and quality of the facilitating institutions. The candidates’ screening and evaluation process are transparent, merit-based and in line with global best practices.

“The synergy created by the consultants working in concert with BoI’s in-house team, will undoubtedly manifest in the quality of young entrepreneurs that will be produced under the programme.

“The import of the overwhelming response by our youths to the YES-Progammes is a manifestation of their desire to take control of their destinies via the entrepreneurial route by being self –employed. It is therefore apparent that the earlier envisaged 1,200 would-be loan beneficiaries would fall far short of the yearnings of the aspiring young entrepreneurs.

“I would like to assure our youths of Federal Government’s absolute commitment to its financial inclusion programme. Government will endeavour to meet the aspirations of youths by providing the support needed by BoI to successfully implement the YES-programmes”.

Members of the application screening committee include the Acting Managing Director, Waheed Olagunju, Executive Director, Financial Inclusion, Mrs. Toyin Adeniji, Divisional Head, SME (North), Abdul-Ganiyu Mohammed, Divisional Head, SME (South), Umar Shekarau, and three other eminent members made up of successful entrepreneurs, professionals, retired bankers, SME consultants.

Ok this is a perfect opportunity for businesses on another note since u joined many years ago i am first to comment i thank Buhari for bringing change

If they can achieve this based on merits and not the Nigeria corruption factor, it will go a long way in poverty alleviation ad unemployment reduction!

good

K

This is a welcome development. Just hope it will be implemented, not just on paper.....

OK nao

cool

Nice one...this is the change we voted

hmmm anoda GEF people still dey wait o

Its sad that an entreprenuer needs a land certificate to access this loan, when most of them dont have it.
Thats the only drop-down in the whole scheme

mak dem do sharp release dis money for people like me, its a welcome development

This is one of the solutions to Naija problems. More program like this shud be initiated to help curb youth unemployment to bearest minimum.

Plz we'res de link to apply

Montaque:
Its sad that an entreprenuer needs a land certificate to access this loan, when most of them dont have it.
Thats the only drop-down in the whole scheme

Yes application does nt need any land cert or collateral. They only need ur NYSC Cert. Once u meet the criterial(age 18-35, u operate ur buz in Naija,etc)then u can apply. YES is different frm other loan schemes of BOI. Its just a special prog targeted at helping the Naija Young entrepreneurs

good initiative

10,000 spaces available for Nigerian Police but 705,352 applied.

10,000 applications expected by BOI but 40,000 applications received.

The high unemployment rate is a time bomb counting down to blow in our faces.

I also saw in the papers the sea of heads that applied to write Nigeria Airforce DSSC 2016 recruitment.

The high unemployment rate is a time bomb counting down to blow in our faces.

I expect more of these kind of news. I look forward to the day those jobless area boys/youths in my neighbourhood will stop hailing me for money as they have something meaningful to do and therefore don't need to depend on others.

ojmaroni247:
Plz we'res de link to apply

Application closed on 30th April. I think its quarterly so I expect it to be opened again in July.

Chai and I tot I was following all dis. Na wah... It's aii

GenOrumov:

Application closed on 30th April. I think its quarterly so I expect it to be opened again in July.

Is this not d 1 u need to be member of 1 yeye body and pay 20k b4 u qualify? Somebody correct me.

bisi16:
Is this not d 1 u need to be member of 1 yeye body and pay 20k b4 u qualify? Somebody correct me.

No. That's different from this one.

muzeze77:
Ok this is a perfect opportunity for businesses on another note since u joined many years ago i am first to comment i thank Buhari for bringing change

nonsense GEJ started this prog give him d credit.......Change my ass

eugene77:

Yes application does nt need any land cert or collateral. They only need ur NYSC Cert. Once u meet the criterial(age 18-35, u operate ur buz in Naija,etc)then u can apply. YES is different frm other loan schemes of BOI. Its just a special prog targeted at helping the Naija Young entrepreneurs

Maybe its different frm the one i applied for.

For Business, Private Limited Liability (LTD), Public Limited Liability (PLC), Unlimited Company, Incorporated Trustees Registration with Corporate Affairs Commission (CAC): call 07015530202, 07046492047

Registration of Business name and Limited Company is 3weeks if you are registering through us. #No queries, #No delays

We also offer consultancy services. Feel free to contact us.
Prices are Affordable.

eugene77:

Yes application does nt need any land cert or collateral. They only need ur NYSC Cert. Once u meet the criterial(age 18-35, u operate ur buz in Naija,etc)then u can apply. YES is different frm other loan schemes of BOI. Its just a special prog targeted at helping the Naija Young entrepreneurs

pls how do they apply for this... Currently serving nd will like to apply

CaptainRahl:
Source:
http://m.guardian.ng/business-services/industry/boi-increases-on-lending-fund-for-smes-under-yes-scheme/

Following the turnout of applicants for its N10 billion facility earmarked for on-lending to small businesses under the Youth Entrepreneurship Support (YES) programme, the Bank of Industry (BoI) has concluded plans to expand the fund size as well as accommodate more candidates under the scheme.

Specifically, the bank noted that due to the high rate of applications received for the YES initiative, it would increase the size of the fund from the initial N10 billion, while considering an increase in the number of would-be loan beneficiaries from 1,200 yearly to 4,000 candidates.

Speaking at the assessment exercise of the initiative and inauguration of a seven-man panel to serve on the application screening committee in Lagos, BoI’s Acting Managing Director, Waheed Olagunju, noted that out of the 40,000 applications received, 15,000 or 37.5 per cent were properly completed and thus qualify for consideration for the first segment of the entrepreneurship capacity building programme which is the eight weeks online training component.

“This programme was launched in response to the alarming unemployment problem among Nigerian youths. Having noticed the huge volume of registration on the online portal of 40,000 which has far outstripped the 10,000 entries earlier envisaged by 300 per cent over the six-week period, we have come to the realisation that Nigerian youths have enormous entrepreneurial appetite waiting to be unleashed on the nation’s economy in a positive sense.

“We have therefore come to the conclusion that we should provide more opportunities for the youth by increasing the number of would-be loan beneficiaries from 1200 to 4000. Efforts would be made to ensure a fair distribution of the beneficiaries in consonance with the proportion of entries received from the six geopolitical zones”, Olagunju added.

Minister of Industry, Trade and Investment, Dr. Okechukwu E. Enelamah, while inaugurating the committee, commended the bank for the initiative, saying, “I am quite satisfied with the implementation of the YES-Programme thus far, considering the calibre and quality of the facilitating institutions. The candidates’ screening and evaluation process are transparent, merit-based and in line with global best practices.

“The synergy created by the consultants working in concert with BoI’s in-house team, will undoubtedly manifest in the quality of young entrepreneurs that will be produced under the programme.

“The import of the overwhelming response by our youths to the YES-Progammes is a manifestation of their desire to take control of their destinies via the entrepreneurial route by being self –employed. It is therefore apparent that the earlier envisaged 1,200 would-be loan beneficiaries would fall far short of the yearnings of the aspiring young entrepreneurs.

“I would like to assure our youths of Federal Government’s absolute commitment to its financial inclusion programme. Government will endeavour to meet the aspirations of youths by providing the support needed by BoI to successfully implement the YES-programmes”.

Members of the application screening committee include the Acting Managing Director, Waheed Olagunju, Executive Director, Financial Inclusion, Mrs. Toyin Adeniji, Divisional Head, SME (North), Abdul-Ganiyu Mohammed, Divisional Head, SME (South), Umar Shekarau, and three other eminent members made up of successful entrepreneurs, professionals, retired bankers, SME consultants.

We and our ways of governing, lack of continuity, GEJ government had the program (You Win) which in my mind was one of the best program for our youths, instead of this government expanding it, what did they do, they scraped it with (Yes) that will require the youths that are unemployed to provide collateral and all this requirements. Just wait and see this will boil down to who you know. Unlike (You Win) which was strictly on merit, with your business plan and some credentials. If this government want to help the unemployed youths with this program they most make it easy for them and make sure this are strictly on merit. And as for the collateral, allow them to use their certificates as collateral at least it is better then going to look for someone who will sign for a loan.

eugene77:

Yes application does nt need any land cert or collateral. They only need ur NYSC Cert. Once u meet the criterial(age 18-35, u operate ur buz in Naija,etc)then u can apply. YES is different frm other loan schemes of BOI. Its just a special prog targeted at helping the Naija Young entrepreneurs

Actually u need a collateral of either land or some properties

Some of Those collecting these loans may use it to buy cars and forget about the aim of the loan. Some of our youths are on the fast lane. I pray they use it to start a business.

This could be good...

eugene77:

Yes application does nt need any land cert or collateral. They only need ur NYSC Cert. Once u meet the criterial(age 18-35, u operate ur buz in Naija,etc)then u can apply. YES is different frm other loan schemes of BOI. Its just a special prog targeted at helping the Naija Young entrepreneurs

minimum of how much and maximum of hw much?

GenOrumov:

No. That's different from this one.

Oh ok. Thanks

Good development.... I just pray for continuity but am sure BOI is committed about this. At least some corpers are given the loans as promised under the GEF in November