Bank Of Industry, MTN Offer Training, N2 million Credit To Female Entrepreneurs

Bank of Industry has partnered with MTN to train Nigerian female entrepreneurs and also provide a credit facility

The partnership will give female-led businesses a chance to be well equipped to grow their businesses

Over 2 million is on offer, and with the opportunity for more when successfully utilised

The Bank of Industry of Nigeria and MTN, Nigeria’s telecoms provider, have established a business program to train female entrepreneurs and assist them with loans and incentives.

MTN’s Y’ellopreneur initiative will train and credit 100 female businesses with N2 million, according to the company.

The entrepreneurs will utilize the equipment loans to build and sustain their enterprises, and grants will be given to those who satisfy the credit terms and repay the loan in full.

Details on the loan

The loan includes a six-month moratorium and a 36-month payback term. The payback time, on the other hand, is subject to the terms and circumstances agreed upon by the female entrepreneur and the BOI.

The loan has an interest rate of 2.5 per cent of the loan amount, minus a grant of 25%.

How to qualify

According to BOI, MTN, the application is opened to female entrepreneurs who display passion and commitment to self-employment.

It is also for existing businesses of two years and above in manufacturing, processing, agriculture, ICT/digital services, and financial services qualified to apply.

Businesses that also source raw materials locally are preferred.

The applicant must have at least a minimum qualification of a secondary school certificate and have up till July 20 to apply.

Applicants will be required to possess a laptop or tablet, or internet-enabled device.

Here is the link to apply.

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