The Bank of Industry (BOI) and MTN have jointly opened application portal for female entrepreneurs to train Nigerian female entrepreneurs and also provide a loan or credit facility.
The partnership between BOI and MTN will give female businesses across the country a chance to be financially equipped to grow their businesses.
Nyscinfo.com learnt that over Two Million Naira (N2,000,000) is on offer, and with the opportunity for more when successfully utilised.
The partnership has established a business program to train female entrepreneurs in Nigeria and assist them with loans and incentives.
According to MTN Nigeria, the MTN’s Y’ellopreneur initiative will train and credit 100 female businesses with N2 million.
The beneficiaries are to utilize the 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 6-month moratorium and a 36-month payback term. The payback time 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% of the loan amount. And a grant of 25% of the loan amount.
Requirements for the loan
- Application is open to female entrepreneurs
- Must display passion and commitment to self-employment.
- Business must be existing for up to 2 years and above
- Business categories must be in manufacturing, processing, agriculture, ICT/digital services, and financial services.
- Applicants must have at least a minimum qualification of a Senior Secondary School certificate.
How to Apply
Kindly follow the link below to see the application portal:
MTN Yellopreneur N2m Equipment Loan Application Portal
Note: Applicants will be required to own a laptop or tablet, or an internet-enabled device.
Source: Nyscinfo.com
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