Bank of Industry has partnered with MTN to train Nigerian female entrepreneurs and also provide a credit facility
The partnership will give female-led businesses a chance to
be well equipped to grow their businesses
Over 2 million is on offer, and with the opportunity for
more when successfully utilised
The Bank of Industry of Nigeria and MTN, Nigeria’s telecoms
provider, have established a business program to train female entrepreneurs and
assist them with loans and incentives.
MTN’s Y’ellopreneur initiative will train and credit 100
female businesses with N2 million, according to the company.
The entrepreneurs will utilize
the equipment loans to build and sustain their enterprises, and grants will be
given to those who satisfy the credit terms and repay the loan in full.
Details on the loan
The loan includes a six-month moratorium and a 36-month payback term. The payback time, on the other hand, is subject to the terms and circumstances agreed upon by the female entrepreneur and the BOI.
The loan has an interest rate of 2.5 per cent of the loan
amount, minus a grant of 25%.
How to qualify
According to BOI, MTN, the application is opened to female
entrepreneurs who display passion and commitment to self-employment.
It is also for existing businesses of two years and above in
manufacturing, processing, agriculture, ICT/digital services, and financial
services qualified to apply.
Businesses that also source raw materials locally are
preferred.
The applicant must have at least a minimum qualification of
a secondary school certificate and have up till July 20 to apply.
Applicants will be required to possess a laptop or tablet,
or internet-enabled device.
Here is the link to apply.