Apply: 2022 NYSC Trust Fund Registration Portal

Open Call for Applications – 2022 NYSC Trust Fund Registration Portal.  the BOI Graduate Entrepreneurship Fund application portal is open to receive applications from interested corp members.

Overview

The Graduate Entrepreneurship Fund (GEF) scheme is the Bank’s first youth programme which was launched in October, 2015 and is implemented by the Bank in partnership with the National Youth Service Corps (NYSC) Directorate. This initiative is specifically targeted at youths undergoing the mandatory one (1) year national service programme.

Why BOI

The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).

Following a successful institutional, operational and financial restructuring programme embarked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy.

Corp members can now apply for loan apart from the N33,000 monthly allawee. Continue reading this article if you are interested in the BOI NYSC trust fund programme.

The 2022 NYSC Trust Fund Registration will Provide financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones.

Components of the GEF Programme

The GEF Programme comprises the following:

  1. Capacity building Process through the following:
    1. Selection/screening of the NYSC members that will participate in the capacity building process through questionnaire to be administered on BOI online portal.
    2. 4 days intensive training on generating a business idea (value proposition), how to run a profitable business (Business Model) and basic financial record keeping. This will be done in collaboration with the NYSC Directorate and shall be facilitated by BOI’s partner Entrepreneurship Development Centers/Institutions in the 36 states of the federation, including the Federal Capital Territory (FCT).
  1. Financial support for those with bankable business ideas within BOI’s SME clusters.

The scheme is a special fund to encourage young Nigerian graduates of tertiary institutions who are currently serving under the NYSC programme to start up new businesses as well as expansion of existing ones.TARGET MARKET/ CRITERIA

This product will be available to serving NYSC members that have successfully passed through the following stages:

i.  Screening process

ii.  Attended the capacity building programme developed specifically for the prospects under GEF

iii.  Submitted a bankable business plans in respect of any of the Bank’s identified 40 SME clusters listed in Appendix I. (Any subsequent addition to the Bank’s identified cluster shall also be included)

PROJECTED IMPACTThe fund shall be deployed to support the establishment and/or expansion of an estimated 1,000 enterprises promoted by NYSC members across the country. The scheme is expected to create a minimum of 5,000 direct jobs and 25,000 indirect jobs annually, totaling 30,000 jobs.PROGRAM LIMITN2.0 billion in the first year.OBLIGOR LIMIT

TENOR3 – 5 years.

MORATORIUMSix months from date of Loan Disbursement.SECURITY

Security for the facility will be combination of:

1.  Specific charge over the equipment (present and future).

2.  Lien on the NYSC discharge certificate

3.  Undertaking by the NYSC Directorate not to release the discharge certificate until the loan is liquidated.

4.  One (1) external guarantor acceptable to BOI who must belong to any of the following categories:

  1. Senior Civil Servant (Level 7 and above).
  1. Bankers (not below the level of banking Officer) and must have been confirmed by current employer.
  1. Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
  1. Senior Staff of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers).

e.    Elected public servants/administrators.

f.     Reputable entrepreneurs with on-going entities and registered business names.

g.   Clergy men.

The guarantees must be supported with a Notarized Statement of Net worth acceptable to BOI.

Term Loan:

50% advance payment to equipment suppliers and payment of the balance only after satisfactory delivery and installation of the equipment. RMD to issue a letter of undertaking for the payment of the balance. However, full cash payment can be made in advance where items of equipment are to be bought from the likes of Cash n Carry, Shoprite, Jumia etc.

Working Capital:

50% of loan amount, to be disbursed after successful installation and testing of the equipment.

The NYSC Trust Fund Registration Requirements 2022

  • Screening practice
  • 4-day intensive training of GEF
  • Submission of a feasible business plan with BOI’s policy

You must be a serving corp/prospective corp member and must have a valid means of identification (International passport, national id card, driver’s license or permanent voter’s card).

You must be able to provide a workable business plan and other NYSC supporting documents.

You will be entitled to access up to N2 million at 9% interest per year, with loan tenures of 3-5 years

Application Process

Interested applicants should visit the 2022 NYSC Trust Fund Registration Portal to apply.

Follow the steps below to submit your application successfully.

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