Cohort one participants, is it true that BOI is asking for N5m guarantor and they will only disburse 50% as working capital while the other 50% is for machinery procurement and the payment time is 5 years?

Please urgent answers and is the loan N5m each to qualified participants?

Jethrolite:
Cohort one participants, is it true that BOI is asking for N5m guarantor and they will only disburse 50% as working capital while the other 50% is for machinery procurement and the payment time is 5 years?

Please urgent answers and is the loan N5m each to qualified participants?

yes, payment time is 3 years

dyydxx:


yes

Thank you for your speedy reply. Is there no concession for those in technology, 50% is too much for machinery procurement.

Jethrolite:
Thank you for your speedy reply. Is there no concession for those in technology, 50% is too much for machinery procurement.

it's on a case by case basis. depending on your business would determine how they would ringfence the loan

dyydxx:


it's on a case by case basis. depending on your business would determine how they would ringfence the loan

That's some comfort. That guarantor part is still the headache.

dyydxx:


it's on a case by case basis. depending on your business would determine how they would ringfence the loan

Nice and brilliant respond!

Jethrolite:
That's some comfort. That guarantor part is still the headache.

I think BoI/FG knows what they are doing as regards to guarantor part.

I think it would get to a stage where things would be treated case-by-case as dyydxx said.

Note that if the future of your business is extremely certain positively, you won't have problem accessing BoI/FG loan. Not even guarantor would stand on your way.

Nevertheless, I believe BoI/FG would have to readjust their loan term as regards to guarantor to enable them achieve the purpose of the program and avoid successful applicants to withdraw

Olowozain:

Nevertheless, I believe BoI/FG would have to readjust their loan term as regards to guarantor to enable them achieve the purpose of the program and avoid successful applicants to withdraw

I hope so too.

dyydxx:


it's on a case by case basis. depending on your business would determine how they would ringfence the loan

Hello bro/sis,

Pls what qualifies a person as guarantor?
Business man/woman or Civil servant?

Thanks for your kind response

dyydxx:


yes, payment time is 3 years

What does the guarantor vouch for? Is it loanee's ability to pay back the loan or their character? What I mean is, in the event that the loanee is not able to pay but he is ready to face the consequences will the guarantor still have to pay the 5 million?

WORLDPEACE:

What does the guarantor vouch for? Is it loanee's ability to pay back the loan or their character? What I mean is, in the event that the loanee is not able to pay but he is ready to face the consequences will the guarantor still have to pay the 5 million?

Lol, you answered your question. Your certificate is taken to make you serious while you provide someone they can take their money from if you default. What consequences do you want to face? Go to prison or what?

Jethrolite:
Lol, you answered your question. Your certificate is taken to make you serious while you provide someone they can take their money from if you default. What consequences do you want to face? Go to prison or what?

Then taking my certificate makes no sense. I could get a job that would help me pay the loan with 3 month's salary. You can't cage me and still stress my loved ones. Besides, if they had that money to give they would have given me directly.

WORLDPEACE:

Then taking my certificate makes no sense. I could get a job that would help me pay the loan with 3 month's salary. You can't cage me and still stress my loved ones. Besides, if they had that money to give they would have given me directly.

Then it's your choice to make. You really have to ask yourself if you need the money. If you don't then you pass. I know very soon, this programme will boomerang with winners who are unable to make the loan requirements insulting the government. Nigeria is the only country I know in recession where the government tightens money circulation even to critical sectors. I can't wait for 2019 so they can pack their load and go. Even legitimately rich people I know are now in distress. The whole thing is just a complete mess. Is this country cursed or what? The next government is always worse than the previous.

Jethrolite:
Then it's your choice to make. You really have to ask yourself if you need the money. If you don't then you pass. I know very soon, this programme will boomerang with winners who are unable to make the loan requirements insulting the government. Nigeria is the only country I know in recession where the government tightens money circulation even to critical sectors. I can't wait for 2019 so they can pack their load and go. Even legitimately rich people I know are now in distress. The whole thing is just a complete mess. Is this country cursed or what? The next government is always worse than the previous.

Add that to the fact that they've wasted tax payer's money that's short in circulation training every one of us. It makes no sense if most can't access the loan. We are looking at about a billion spent on training. It's ridiculous!

WORLDPEACE:

Add that to the fact that they've wasted tax payer's money that's short in circulation training every one of us. It makes no sense if most can't access the loan. We are looking at about a billion spent on training. It's ridiculous!

Do they care? AMI and PAU have made their money. Whether we access loan or not is no longer their business.

Jethrolite:
Do they care? AMI and PAU have made their money. Whether we access loan or not is no longer their business.

Fight to the end we must sha! Success is not for the faint-hearted. Even If it takes a stick-up on the policy makers to get it, I will get it.

Both Jethrolite and WORLDPEACE has really make more than sense in their last comments.

You guys should keep it up.

As for me, the training I have received and still receiving is an asset already.

AMI and PAU has made their money already as Jethrolite has mentioned, so it is left for BOI/FG not to waste both human and monetary resources.

They don't need any form of Guarantor to make the program a success.

A Guarantor won't make an entrepreneur/business be successful rather they should focus on parameters that would make an entrepreneur/business to be successful

WORLDPEACE:

Fight to the end we must sha! Success is not for the faint-hearted. Even If it takes a stick-up on the policy makers to get it, I will get it.

Lol, when the reality of finding a guarantor hits you, you will know its not about being bold. Just last month I had to get a similar guarantor for something else I was doing, even one guarantor I could not get. Who do you think wants to secure your N5m loan with their hard earned money especially in this perilous time?

Just try getting a person now before hand. When the day breaks, go out there and start looking for your guarantor and report back here how it went.

Olowozain:
Both Jethrolite and WORLDPEACE has really make more than sense in their last comments.

You guys should keep it up.

As for me, the training I have received and still receiving is an asset already.

AMI and PAU has made their money already as Jethrolite has mentioned, so it is left for BOI/FG not to waste both human and monetary resources.

They don't need any form of Guarantor to make these program a success.

A Guarantor won't make an entrepreneur/business be successful rather they should focus on parameters that would make an entrepreneur/business to be successful

If they stick to this guarantor bullshit then I'll only do my best to get to Lagos and snap some vain glory pictures then give this programme my middle finger. Who told the organizers that this is how western nations became great-by taking our results and asking for guarantors just because of a bullshit loan.

I feel very sad for this country, those in power and policy makers are blind to the realities of our present state. I heard the excuse for converting this programme from a grant to a loan is because the nation is broke. When it is the time of citizens to gain from government, we always have to bear a selfish cost but when it's their turn to fly private and engage in all sorts of stupendous spending, suddenly the money becomes available to be squandered.

Let me get to the stage where these crazy requirements come up and I may just throw in the towel because this good for nothing government that has nothing to offer us wants to use us to trade market. Mortgage the education we spent years to receive and put our relatives in a dilemma.

Jethrolite:
If they stick to this guarantor bullshit then I'll only do my best to get to Lagos and snap some vain glory pictures then give this programme my middle finger. Who told the organizers that this is how western nations became great-by taking our results and asking for guarantors just because of a bullshit loan.

I feel very sad for this country, those in power and policy makers are blind to the realities of our present state. I heard the excuse for converting this programme from a grant to a loan is because the nation is broke. When it is the time of citizens to gain from government, we always have to bear a selfish cost but when it's their turn to fly private and engage in all sorts of stupendous spending, suddenly the money becomes available to be squandered.

Let me get to the stage where these crazy requirements come up and I may just throw in the towel because this good for nothing government that has nothing to offer us wants to use us to trade market. Mortgage the education we spent years to receive and put our relatives in a dilemma.

Let's just make it to the very last stage of the program. My philosophy of life is that nothing is given; you gotta take it. I don't know what Buhari's intentions are but I'll be damned if I am going to let them waste my data and funds on a program only to be given requirements I can't meet. I will lead a social media campaign the stench of which they cannot stand. I know the negative feedback from across the nation is already piling up. There is so much pressure a man can take, even if they are politicians. I have aluta in my DNA. We won't just roll over and play dead. I want to believe there is just a disconnect between the bank, us and the government. We will all end up as one big happy family.

WORLDPEACE:

Let's just make it to the very last stage of the program. My philosophy of life is that nothing is given; you gotta take it. I don't know what Buhari's intentions are but I'll be damned if I am going to let them waste my data and funds on a program only to be given requirements I can't meet. I will lead a social media campaign the stench of which they cannot stand. I know the negative feedback from across the nation is already piling up. There is so much pressure a man can take, even if they are politicians. I have aluta in my DNA. We won't just roll over and play dead. I want to believe there is just a disconnect between the bank, us and the government. We will all end up as one big happy family.

There is no disconnect anywhere, this was the plan from the very beginning but they hid the guarantor side from us and told us the only thing they wanted was our result. If they had said anything about guarantor in the beginning, very few people would have shown interest and people would have heaped insults on the government. They only succeeded in delaying the insults because it is very much on its way. This programme was made to replace youwin and it should live up to such standards. This government condemned every single thing Jonathan did including Youwin, now look at the rubbish programme they replaced it with because we're broke. When it's time to drink tea in Aso rock, Nigeria is not broke but when the youth stands to gain, Nigeria is broke.

It will be absolutely crazy for me to start my tech business with a loan knowing fully well how long such business takes to mature, in the first few years it will make little or no money and gather momentum as user base increases. Just imagine if nairaland.com was started with this kind of loan, would it have survived to this day.

Unless you have no intention of traveling out of this country I suggest you do not go on any protest because they will mark your name down not so they can listen to your plea but harass you with SSS when the time comes.

Jethrolite:
There is no disconnect anywhere, this was the plan from the very beginning but they hid the guarantor side from us and told us the only thing they wanted was our result. If they had said anything about guarantor in the beginning, very few people would have shown interest and people would have heaped insults on the government. They only succeeded in delaying the insults because it is very much on its way. This programme was made to replace youwin and it should live up to such standards. This government condemned every single thing Jonathan did including Youwin, now look at the rubbish programme they replaced it with because we're broke. When it's time to drink tea in Aso rock, Nigeria is not broke but when the youth stands to gain, Nigeria is broke.

It will be absolutely crazy for me to start my tech business with a loan knowing fully well how long such business takes to mature, in the first few years it will make little or no money and gather momentum as user base increases. Just imagine if nairaland.com was started with this kind of loan, would it have survived to this day.

I know there is no disconnect anywhere, I'm just saying they better be joking. I think I remember seeing the guarantor thing somewhere though on BOI site, but they did not give details. They put 10 billion naira all over the news to get people excited. Too bad it worked; I am already excited and I am going to get what's mine.

WORLDPEACE:

I know there is no disconnect anywhere, I'm just saying they better be joking. I think I remember seeing the guarantor thing somewhere though on BOI site, but they did not give details. They put 10 billion naira all over the news to get people excited. Too bad it worked; I am already excited and I am going to get what's mine.

When you get your guarantor, let me know.

Let us leave the issue of guarantor aside and be more focus until we get there.

I still want to participate in the vocational studies after the one week in-class training as BoI/PAU promised.

As far as YES-P is concern, I have never read anything of such attached to the programme activities.

The two certificates worth more than anything and it is enough to established seriousness and commitment into the mind of young entrepreneurs

3/5 years loan period is a good tactic to make young entrepreneurs more committed to repay the loan.

The sudden rumor about introduction of any form of guarantor will stand as a barrier if it turn out to be true because not everybody, I mean not even the auspicious entrepreneurs might be able to provide a guarantor.

This is FG programme and not a traditional loan, so FG could stand as our guarantors and collaterals and even as our solicitors if they need to suddenly convert the program loan terms into traditional loan terms because we were all invited by Federal Government (FG) and the conditions to have access to fund our businesses doesn't include guarantors

Let us relax and be more focus and watch what happen next

WELL WHEN WE GET TO THE BRIDGE WE WILL FIND A WAY TO CROSS IT.

WORLDPEACE:

Let's just make it to the very last stage of the program. My philosophy of life is that nothing is given; you gotta take it. I don't know what Buhari's intentions are but I'll be damned if I am going to let them waste my data and funds on a program only to be given requirements I can't meet. I will lead a social media campaign the stench of which they cannot stand. I know the negative feedback from across the nation is already piling up. There is so much pressure a man can take, even if they are politicians. I have aluta in my DNA. We won't just roll over and play dead. I want to believe there is just a disconnect between the bank, us and the government. We will all end up as one big happy family.

I suggest u start that campaign now because d earlier d better nd if u av to wait till u get to d end of d entire tin, u will be disappointed nd out of energy as its wat u already heard about providing d guarantors

Yes u are required to provide 2 legit guarantors, nd truely its not a plus on the program at all

Finding one is an headache not to say two
#smh

WORLDPEACE:

Then taking my certificate makes no sense. I could get a job that would help me pay the loan with 3 month's salary. You can't cage me and still stress my loved ones. Besides, if they had that money to give they would have given me directly.

U realy made sense...

Its abviouz they are trying very hard to get something of worthy collateral as much as possible.

You just hope tinx go on smoothly nd u get ur guarantors nd ur business strives well...

@jethrolite, i suggest u find another line of business if wat u say is d exact nature of wat u want d loan 4...

Tink of sumtin dat will gv u immediate returns nd frm there u can use its profit to run d business of your dreams... even they wont buy d idea.
U av d chance of changing business still

I my self am into service business but i thought about it and i currently making a business plan on something totally different...

#WeMustSucceed

Seriously speaking, my TRAINING will be next week (October 10th -14th) but with all the noise about Guarantors for a Federal Government guaranteed loan, I am begining to consider taking a bow out of this.

First, they put us through the first test of spending internet data, and then they surprised us with the Take-Care-of-your-Bills warning for the training.

I think this is getting too far... how can government not be able to make provision for what it envisioned will boost the economy? This programme is becoming laughable o... seriously.

Please someone should kindly response; shall we get a certificate for the one week in-class training or no certificate for it??

Sportize

dyydxx

Sportize:


I suggest u start that campaign now because d earlier d better nd if u av to wait till u get to d end of d entire tin, u will be disappointed nd out of energy as its wat u already heard about providing d guarantors

Yes u are required to provide 2 legit guarantors, nd truely its not a plus on the program at all

Finding one is an headache not to say two
#smh

What qualifies a person to be a guarantor? Do they have to provide proof of the loan amount in their own accounts?

Sportize:

@jethrolite, i suggest u find another line of business if wat u say is d exact nature of wat u want d loan 4...

Tink of sumtin dat will gv u immediate returns nd frm there u can use its profit to run d business of your dreams... even they wont buy d idea.
U av d chance of changing business still

I my self am into service business but i thought about it and i currently making a business plan on something totally different...

#WeMustSucceed

Thanks for this information, that's exactly what I will start doing.

Nairaplus:
Seriously speaking, my TRAINING will be next week (October 10th -14th) but with all the noise about Guarantors for a Federal Government guaranteed loan, I am begining to consider taking a bow out of this.

First, they put us through the first test of spending internet data, and then they surprised us with the Take-Care-of-your-Bills warning for the training.

I think this is getting too far... how can government not be able to make provision for what it envisioned will boost the economy? This programme is becoming laughable o... seriously.

You say becoming? It already is. And it has gone overboard already. Just watch how this will backfire and explode in the face of the organizers and FG. The next thing, Liar Mohammed will come out to say 100k jobs were created whereas most participants backed out.