2017 Bank Of Industry Entrepreneurship Loan – In light of the recent economic downturn, development strategies that create new jobs and support the growth of businesses are of greater need than ever.
Microenterprises play a critical role in this quest as they account for a larger share of newly created jobs. However, only a fraction of these start-ups survive for more than two years or even develop into the high-growth firms.
How To Apply:
Proposed Entrepreneurship Loan amount for project funding
Entrepreneurs upon meeting the required criteria and judges review would have access to a “loan” value as required by their businesses capped at N200,000.00 (Two Hundred Thousand Naira) to start or grow their businesses. Successful businesses that are able to prove their concept (through the amount of jobs created, revenue generated, etc.) are then able to access the “scale up loan” up to the tune of Five Hundred Thousand Naira (N500,000).
- Applicants must be of Nigerian nationality
- Applicants must be between the ages of 18 – 35.
- Failure to verify age will result in the application being declined.
- Applications must articulate a specific business problem to solve or opportunity to address.
- Applicants must be clear on the benefits from the loan.
- Employees of Bank of Industry, FirstBank, AGDC, Digital Jewels Limited, etc. and their families are not eligible to apply.
- The Judges’ decisions are final.
All selected applicants are required to attend a business boot camp to refine their business strategy
Entrepreneurs selected to take part in Micro Enterprise funding are automatically qualified to receive a single-digit interest loan capped at Two hundred thousand naira (N200, 000).
The Duration of the Programme:
Loan cycle – 12 months (3 months’ moratorium, 9 months’ repayment)