It is good news once again for corp members as Bank of Industry (BoI) unveils a ₦2 billion Graduate Entrepreneurship Fund (GEF) targeted at graduates undergoing the National Youth Service Corps scheme. This new development was borne out of a need to reduce the level of youth unemployment and restiveness in the country.
Beneficiaries of the fund are expected to a have access to a loan of between ₦500,000 and ₦2 million to kick start and develop their business ideas. The loan, which attracts an interest rate of 9%, with a time span of 3 to 5 years would avail aspiring business owners the opportunity to acquire necessary tools and equipment needed to run their businesses.
This initiative which would work in partnership with the NYSC Skills Acquisition and Entrepreneurship Development (SAED) would also have nine other entrepreneurship centers partnering as resource/training centers. The graduate entrepreneurship fund will definitely go a long way in encouraging graduates to make their foray into the business world thereby not only creating employment for themselves but for others as well while obtaining the necessary training required of the next generation of business leaders in the country.
According to Rasheed Olaoluwa Managing Director, BoI Olaoluwa
“…the collateral requirements for the loan include a specific charge over the equipment procured with the loan; Lien on the NYSC discharge certificate. NYSC Directorate will undertake not to release the service discharge certificate until after the loan is liquidated; and one guarantor of the borrower.”
To participate in this initiative, corp members will be selected on the basis of an online business idea competition and will see only applicants with bankable ideas qualifying for the loan.