BOI Offers Financial Support To Aspiring Entrepreneur

The Bank of Industry (BOI) has assured Lagos corps members on the bank’s commitment to fostering entrepreneurship and combating unemployment.

The Representative of the Bank,Mr.John Bosco emphasized that BOI loans can help corps members transition from job seekers to job creators which will enable them build businesses aligned with their passions and skills.

Mr. Idoko who delivered the awareness lecture to the 2024 Batch B stream II corps members at the Lagos Camp outlined two primary funding opportunities available through BOI for Corps Members.

He said the first is the Graduate Entrepreneurship Fund (GEF) scheme, launched in October 2015.

According to him the program, specifically designed for corps members in service, offers loans up to 3 million naira with a repayment grace period of 1-6 years at zero interest.

To be eligible, applicants (corps members) must be university graduates with a feasible business plan and an established business of at least one year.

He mentioned the second opportunity as Youth Entrepreneurship Support Programme (YES-P). He explained that the initiative aims to address youth unemployment by building capacity and funding business ideas. YES-P offers loans up to 5 million naira and is open to a broader range of applicants, not just corps members.

Eligibility criteria for YES-P include having 3 to 5 years of business experience, CAC registration, a BVN, and a university degree.

Mr. Idoko thereafter encouraged corps members to identify their passions and develop relevant skills. He stressed the importance of understanding the connection between passion, ideation, and funding, emphasizing that BOI is actively seeking promising entrepreneurs to support. He directed that Corps members who are interested in these opportunities should visit BOI offices in Marinna, Ikeja, or Lekki for more information and application procedures.