Apply Now for Bank of Industry/AGDC Loan for Youth Ignite Initiative Project 2017

Apply Now for Bank of Industry/AGDC Loan for Youth Ignite Initiative Project 2017

Youth Ignite Initiative is a platform where innovative ideas are brought to life. In light of the recent economic downturn, development strategies that create new jobs and support the growth of businesses are of greater need than ever.

Among the major obstacles to development is the lack of training, development and support, and financing. The “Youth Ignite” Project (under the Bank of Industry (BoI) Microenterprise Finance Program) seek to address these challenges with the support of 1 million entrepreneurs to create 5 million jobs over the next 5 years.

This program is sponsored by FirstBank and coordinated by the Afterschool Graduate Development Center (AGDC) in patnership with the Bank of Industry (BoI). The main objective of the project is to create new jobs through business support than 1 million entrepreneurs over the next 5 years to create 5 million jobs.

Microenterprises will be provided training, single-digit interest loans and ongoing support during the course of the 5 years.

Entrepreneurs are required to do the either of following:

  • Consider ways people conduct businesses in their state or community and devise a more effective way to achieve better results; or
  • Develop a solution to a problem(s) in their community or area of influence; or
  • Seek to command [more] business value from a skill they already possess or trade they are involved in.

OBJECTIVE

The main objective of the project is to create new jobs through entrepreneurship by supporting 1 million entrepreneurs over the next 5 years to create 5 million jobs.

Apply Now for Bank of Industry/AGDC Loan for Youth Ignite Initiative Project 2017

Prerequisites for the Program

Who we are looking for: Talented, creative and dedicated young people who have an existing business or idea that they believe in and are committed to bringing to life.

What’s the deal?

Accepted participants will gain access to loan of up to Two Hundred Thousand naira (N200, 000) as well as skilled expertise to help them with their business strategy and growth. Shortlisted ideas/business to will access the following

Funding

Entrepreneurs selected to take part in Micro Enterprise funding are automatically qualified to receive a single-digit interest loan capped at Two hundred thousand naira (N200, 000).

Training

All selected applicants are required to attend a business boot camp to refine their business strategy

Community

All participants automatically become part of the community of change-makers, pioneers, explorers, problem-solvers and company builders. To ensure the experience is enriching for all participants, we carefully select the right kind of people to join the network. In the network, we facilitate information sharing, resource sharing, peer feedback, and continue to trade.

How to apply

  • Interested entrepreneurs should visit www.youthignite.ng
  • Entries must be submitted online within the specified timeframe and conform to specified guidelines and terms and conditions of participation clearly outlined on this website.
  • All entries will be reviewed by the Panel of Judges who consist of carefully selected accomplished professionals from all walks of life.

Proposed amount for project funding

Entrepreneurs upon meeting the required criteria and judges review would have access to a “loan” value as required by their businesses capped at N200,000.00 (Two Hundred Thousand Naira) to start or grow their businesses. Successful businesses that are able to prove their concept (through the amount of jobs created, revenue generated, etc.) are then able to access the “scale up loan” up to the tune of Five Hundred Thousand Naira (N500,000)

TERMS & CONDITIONS

Duration of the Programme

Loan cycle – 12 months (3 months’ moratorium, 9 months’ repayment)

 

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