The Graduate Entrepreneurship Fund (GEF) programme is a special scheme to encourage and promote entrepreneurship among serving members of the National Youth Service Corps (NYSC). The scheme provides loans of up to N2.0 million at 0% interest rate to support enterprises and potentially viable business ideas.
This novel scheme, which is a joint initiative of the Bank of Industry (BOI) and the National Youth Service Corps (NYSC), has the following objectives:
- Encourage graduates of tertiary institutions currently undergoing the compulsory one-year NYSC programme, to venture into business and become employers of labour rather than job seekers.
- Address the entrepreneurship capacity gap of the NYSC members who are expected to produce bankable business plans after the three-day capacity building programme.
- Deepen financial inclusion by de-risking the NYSC members and making them eligible for concessional loans ranging between N500,000 and N2 million to be provided by BOI.
- Ensure sustainability of the businesses of the eventual loan beneficiaries through effective monitoring by the NYSC Directorate and BOI.
The GEF programme comprises the following:
Online Business Plan Competition to select the most promising real sector business ideas. Selection/screening of participants shall be done via the GEF online application portal: boi.ng/gef
Three days intensive entrepreneurship capacity building programme.
Loan amounts of up to N2.0 million to be provided to each successful participant with bankable business plans within BOI’s 35 SME clusters (list at BOI’s website: boi.ng ), at an interest rate of 9% per annum, with tenors ranging from 3-5 years inclusive of 6 – 12 months moratorium period.
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