Has anyone from Kano or Kaduna received the invitation

Yeah!! I got an invite yesterday. Am in kano

Yeah!! I got an invite yesterday. Am in kano

unlawfulact:
Has anyone from Kano or Kaduna received the invitation

I got invite for Calabar and i am in Lagos...

Heezishades:
I got invite for Calabar and i am in Lagos...

U will receive ur training in d state ur biz is located

today's training was very inspiring and a great eye opener

infotainment:
today's training was very inspiring and a great eye opener

What frills came with the training, were you guys sipping champagne as the training was going on?

Jethrolite:
What frills came with the training, were you guys sipping champagne as the training was going on?

Lmao

Jethro, you won't kill me.

Maybe the chilled environment can be counted as one of the frills.

CuteTj:

Lmao

Jethro, you won't kill me.

Maybe the chilled environment can be counted as one of the frills.

Lol, I get AC for house. What of food, at least buffet lunch?

Jethrolite:
Lol, I get AC for house. What of food, at least buffet lunch?

you wey be say light no dey your area. Your AC no get use.

Just had their lunch. The food is okay but no be buffet. Its something you eat regularly the only difference is the environment and wares.

CuteTj:

you wey be say light no dey your area. Your AC no get use.

Just had their lunch. The food is okay but no be buffet. Its something you eat regularly the only difference is the environment and wares.

Lol, BEDCO surprise me today 6 hours of power supply. Well, my training is next week. Maybe we will get buffet

Jethrolite:
What frills came with the training, were you guys sipping champagne as the training was going on?

really nothing out of d ordinary, nice and newest hotel in Ilorin, tea break by 10:30 am, lunch by about 1:30 pm, yesterday was jollof rice and demo. today's lunch na jollof spaghetti and small. but no b d food be look, na d lecture itself, see biz opportunity where u never thought b4, breaking ur biz down etc

infotainment:

really nothing out of d ordinary, nice and newest hotel in Ilorin, tea break by 10:30 am, lunch by about 1:30 pm, yesterday was jollof rice and demo. today's lunch na jollof spaghetti and small. but no b d food be look, na d lecture itself, see biz opportunity where u never thought b4, breaking ur biz down etc

Wow, can't wait to get there.

The Lagos Zonal Officer paid us a visit and this is the summary of what he said:

- Provision has been made for everyone wanting to access the loan. He went further by saying the money won't finish before it gets to your turn. However, he said he was sure that many at the end of the day won't be able to access the loan. Well you will say his second sentence contradicts the first but he explained why he said so.

He explained why it appears BOI has stringent loan requirements. Why that is so is because we have our KYC (Know Your customer) program isn't that detailed as we don't yet have a good database system therefore if lenders abscond with the money, that is the end.

He also explained why he said many may not meet the requirement. The reasons he gave are:

1.) You must have contributed something to your business (for startups) and for existing businesses, you must have equity. Equity too applies to startups. No equity, no loan!

2.) You must have nothing less than two guarantors. One is not enough, two is okay while three is allowed.

3.) BOI do not hand cash directly to lenders but the vendors you will be patronising. And they will only make payments after the vendor must have delivered the product and not before.

4.) They won't finance anything that will have to be imported into the country.

That's all I can remember for now. According to the official, we should have it at the back of our minds the money is not our share of the national cake that is why its a loan.

He only introduced himself today and didn't delve deep into the loan process. He says he will be back to explain the loan process to us in details on saturday.

CuteTj:
The Lagos Zonal Officer paid us a visit and this is the
He only introduced himself today and didn't delve deep into the loan process. He says he will be back to explain the loan process to us in details on saturday.

Them try well well. What of working capital, are they not going to give us that one too?

.

E just be like say their official set out to discourage participants. Him plan no go work. How person go take navigate that their no. 1 condition as start-up.
Jethrolite

WORLDPEACE:
E just be like say their official set out to discourage participants. Him plan no go work. How person go take navigate that their no. 1 condition as start-up.
Jethrolite

Business registration cost, that na something. That's like 100k, then space rent. I don settle that one in a way.

Jethrolite:
Business registration cost, that na something. That's like 100k, then space rent. I don settle that one in a way.

I also filled an amount that was a little above that figure in my application into the program. Don't you think that figure is a little far away from the loan amount you'd be requesting?

Jethrolite:
Business registration cost, that na something. That's like 100k, then space rent. I don settle that one in a way.

I did my business registeration through a third party "DIYLAW" for 31500,you can check them out. If you doing it personally, it would be cheaper. They did it within 2months.

@ Jethrolite,
They can but it will depend on the type of business.

WORLDPEACE:

I also filled an amount that was a little above that figure in my application into the program. Don't you think that figure is a little far away from the loan amount you'd be requesting?

My own is they must give me the loan. I don't even want to think about it.

nurey:


I did my business registeration through a third party "DIYLAW" for 31500,you can check them out. If you doing it personally, it would be cheaper. They did it within 2months.

Actually I'm using an old business I registered to apply. I don't have the time to start registering a business then going for TIN before opening account. I even thought that business name was useless because the business I opened it for proved bigger than me. Now I'll just dust everything and present it to BOI. I need my money this December.

CuteTj:
@ Jethrolite,

They can but it will depend on the type of business.

My business is food processing and needs very large working capital. The equipment I need cost about N1.5m plus logistics to my state. I need N3.5m raw cash to pay store rent, raw material purchase and logistics. The money no reach self with the rate of inflation, so BOI had better get sense.

Jethrolite:
My own is they must give me the loan. I don't even want to think about it.

Na so! Lol

Jethrolite:
My business is food processing and needs very large working capital. The equipment I need cost about N1.5m plus logistics to my state. I need N3.5m raw cash to pay store rent, raw material purchase and logistics. The money no reach self with the rate of inflation, so BOI had better get sense.

I think you may be expected to pay for the house rent. But I'll help you find out on saturday.

CuteTj:

I think you may be expected to pay for the house rent. But I'll help you find out on saturday.

OK, thanks. I'll be asking a lot of questions though when I resume Monday next week.

Jethrolite:
OK, thanks. I'll be asking a lot of questions though when I resume Monday next week.

You have a mail sir.

please house the money i requested for during when i applied was 3million but with the inflation now i see that the money will not be enough, will they allow someone to give new quotation when submitting our business plan.

joransky4re:
please house the money i requested for during when i applied was 3million but with the inflation now i see that the money will not be enough, will they allow someone to give new quotation when submitting our business plan.

we were told my d BOI MD'S rep dat came on Monday dat d initial proposal we submitted was to qualify us for d loan, dat we will have to submit another biz plan to access d loanand can even change biz if we like bicos dey expect our orientation to change after the training. so u are good to request bigger amount.

infotainment:

we were told my d BOI MD'S rep dat came on Monday dat d initial proposal we submitted was to qualify us for d loan, dat we will have to submit another biz plan to access d loanand can even change biz if we like bicos dey expect our orientation to change after the training. so u are good to request bigger amount.

Well said. What's the maximum they are willing to lend because I seriously have my sight on N10m, don't blame me, blame cattle price that now sells for as much as a Nigerian used car.

joransky4re:
please house the money i requested for during when i applied was 3million but with the inflation now i see that the money will not be enough, will they allow someone to give new quotation when submitting our business plan.

Of course! You can give a new quotation.

I can tell you it wasn't a detailed business plan we submitted during the initial application. That was just a summary of It. That is why they now expect us to submit a detailed business plan at the end of the training.