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.
Applications are welcome until midnight, 7th February, 2018.
This GEF 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 o 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 scheme 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.
- Four days intensive entrepreneurship capacity building programme.
- Loan amount of up to N2 million to be provided to each successful participant with bankable business plans within BOI’s 35 SME clusters (list at BOI’s website: www.boi.ng) at an interest rate of 9% per annum, with tenors ranging from 3-5 years inclusive of 6 – 12 months moratorium period.
The capacity building programme is scheduled to hold simultaneously at the following venues:
Geo-Political Zone/State – NYSC Camp Location:
South-South: Former Martins TIC, Issele-Uku, Aniocha North L.G.A, Delta State.
South-East: Umunna, Bende L.G.A., Abia State.
South-West: Aisu College Hospital Road, Ede, Osun State.
North-East: Government College, Jalingo, Taraba State.
North-Central: Mangu, Mangu L.G.A, Plateau State.
North-West: Mani Road, Katsina, Katsina State.
Lagos: Iyana Ipaja, Agege, Lagos State.
Please Note: Only serving Youth Corp members in 2017 Batches A & B are eligible to apply.