₦airaland Forum

I am forced to declare a cease fire on this issue, as I ve seen at least two offer letters from BOI to YES P participants today. My agitation was not to drag the programme or BOI to shame, but to ensure transparency and sincerity from BOI. Thanks to our protests they are now tightening their belts & progress is being made. As a token of gratitude for this progress, I detest & desist from further agitation, with the hope that the progress will be maintained/ improved upon. Even if I have not yet benefited, I congratulate those who received their YES P offer letters.

This is a very sad development, but we have the choice to effect change or lie down and allow our efforts to be wasted by those who don't care about the sacrifice we made to get to this stage. The senate last week or so proposed to scrap BOI & put in place a more SME friendly development finance institution (DFI). I couldn't agree more, or else how could a bank be so inconsistent? Alternating from one opinion to another. It is now up to us to allow them take us for a ride or reclaim what is rightfully ours. This level of deception can't go free on a national scale & least of all to educated graduates enterpreneurs who hold the destiny of the country. The saying goes, you can deceive some of the people some of the time, but not all of the time.
A hash tag #BOIYESPISUNFAIR has been created on twitter, all concerned can tweet & retweet their YES P experience to @Mbuhari @NGRPresident @NGRPresident @ngrsenate @akandeoj @mobilepunch @premiumtimesng & any other media agency to arouse d attention of the authorities. Thanks, remember, "together we stand, divided we fall".
I have decided to write an article to further publicize our plight. You can all contribute by at least retweeting the tweets to the authorities. Thank you.

Jethrolite:
You truly know what's up, no one cares about us. Everyone else is making money aside us for whom the programme was created. BOI staff, learning consultants, hotels, transport companies, logistics companies. Every one else has made money except us.

But we will not go like that, we must realize we have also invested time and money in this programme. In my case, over 3 months spent doing assignments, writing tests and examinations. I traveled away from home for a week, fed myself and lodged in a hotel. No, I won't go away without letting the government know this is wrong. We are educated and must act as such.

Hence, if there must be a guarantor then the federal government should be our guarantor. Start sending tweets and messages to PMB on Twitter and Facebook. We must let them know nothing was said about guarantor in the beginning and that status quo must be maintained. We must campaign and campaign hard until the Federal Government orders BOI to release money to us.

The campaign starts now @Mbuhari, @NGRPresident, @BOINigeria.

There is a whatsapp group from where we can coordinate ourselves. If interested in joining please PM me so I can add you. Please spread the news. So we can send protest tweets daily until we get our money. If we do not fight, not a single person among us will access the money. Share on Facebook and whatever other groups already exist.

plx @ Jethrolite add this number t9 whatsapp group 07011706611

a hash tag #BOIYESPISUNFAIR has been created on twitter, all concerned can tweet & retweet their YES P experience to @Mbuhari @NGRPresident @NGRPresident @ngrsenate @akandeoj @mobilepunch @premiumtimesng & any other media agency to arouse d attention of the authorities. Thanks, remember, "together we stand, divided we fall".

Jethrolite:
Did you see me replying anybody? Those who are slow but think they are fast are here trying to tell me I am saying what I do not know. I went as far as calling the regional manager of South East for BOI yesterday to tell him my predicament with getting guarantors and told him every other requirement was in place. All he did was to encourage me not to give up as I had come a long way.

All these people on top are talking like accepted business plan means you will get the loan.

My sources are Mr. Oghomi and Mr. Obaro. If you are truly a participant in the South South and South East, you must know them. Go to the whatsapp group created by graddev, the place is deserted. I can not put 2 of my loved ones in distress because of greed to collect loan.

This is one of the worst times to start a business in Nigeria especially with a loan. As for those who are saying we are making stories up, ride on and I wish you the best. Eventually, you will come to the stage where those of us who have thoroughly done their assignments are. Do not prepare your guarantors and let me see how BOI will disburse loans to you. As a matter of fact, I want to see that person that is conscious of what they are signing and actually become your guarantor. I just need to see 10 startups who actually got the loan from the 1200 of us who made it and I will agree I did not put in enough effort.

Thanks my brother. By the time those guys reach a certain stage, they will know that it is not as they imagined. All u said about property certificate of occupancy is absolutely true, they will collect it before disbursement of d loan. I am speaking from experience, as I submitted all documents 9 weeks ago & they reiterated that after approval, I will have to bring certificate of those properties included in guarantor statement of networth.
The fact that not a single beneficiary has received the loan till date is enough to highten suspicion, as some submitted 3 months ago. We can all remember how they promised speedy processing of the facility, suggesting 4 to 6 weeks. Another discrepancy is how they demanded 1 guarantor from onset, only to renege and change it to 2 later. What kind of wickedness is that? Don't be fooled by their sseemingly friendliness when you visit them, they are not SME friendly. They are after big companies who will request millions and they, BOI staff, benefits from supplies of such expensive equipment. But for you & I, our startups don't matter.
But at least even if they refuse us the loan, we ve gained tremendous knowledge from AMI Training, and will be vital to our success as Enterpreneurs. As 4 me, I no longer stress myself because of BOI, but I remain resolute as an enterpreneur pursuing better means of funding my business. For those interested, Tony Elumelu Enterpreneurship Programme opens January 1st 2017 & u stand a chance to win a grant as much as BOI loan. Better options abound, keep looking but stay out of BOI trouble.

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.

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

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.

WORLDPEACE:
Is it one guarantor or two?

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

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!