Following the turnout of applicants for its N10 billion facility earmarked for on-lending to small businesses under the Youth Entrepreneurship Support (YES) programme, the Bank of Industry (BoI) has concluded plans to expand the fund size as well as accommodate more candidates under the scheme.
Specifically, the bank noted that due to the high rate of applications received for the YES initiative, it would increase the size of the fund from the initial N10 billion, while considering an increase in the number of would-be loan beneficiaries from 1,200 yearly to 4,000 candidates.
Speaking at the assessment exercise of the initiative and inauguration of a seven-man panel to serve on the application screening committee in Lagos, BoI’s Acting Managing Director, Waheed Olagunju, noted that out of the 40,000 applications received, 15,000 or 37.5 per cent were properly completed and thus qualify for consideration for the first segment of the entrepreneurship capacity building programme which is the eight weeks online training component.
“We have therefore come to the conclusion that we should provide more opportunities for the youth by increasing the number of would-be loan beneficiaries from 1200 to 4000. Efforts would be made to ensure a fair distribution of the beneficiaries in consonance with the proportion of entries received from the six geopolitical zones”, Olagunju added.
You can read more about the BOI business loan here.