Bank of Industry Grants N2m Loan Each To 130 Corps Members

-- --

In an effort to address the looming unemployment problem in Nigeria, the Bank of Industry in collaboration with the National Youth Service Corps (NYSC) has granted N2 million loan each to 130 serving corps members in the state.

Speaking yesterday in Jalingo during the opening of the graduate entrepreneurship fund capacity building programme, the managing director/CEO of the Bank of Industry limited, Mr. Rasheed Olaoluwa, said the BOI loan was granted to the corps members to assist them to become employers of labour rather than job seekers.

“Provision of concessional loans to the trainee participants that subsequently came up with bankable business plans, I am pleased to inform you that the online business ideas competition portal went live on October 5, 2015 and by the time entries closed on November 3, 2015, a total of 3, 100 applications were received,” he said.

He added that the Bank of Industry set up a 10- man committee panel to review the entries and shortlist candidates that were able to clearly and logically outline their business ideas and basic requirements for the implementation of the ideas.

According to him, through a highly transparent process, a total of 1, 000 candidates with the highest scores were shortlisted for the three- day capacity building programme, stressing that all the 1,000 candidates were validated by the NYSC Directorate.

According to him, at the end of the training, participants would be required to submit their loan applications to BIO along with their business plans, adding that bankable business propositions will be funded in fulfillment of the third stage of the GEF programme.

He stressed that the loan to each beneficiary will be a maximum of N2 million administered at a single digit interest rate of 9% per annum, with tenor ranging between 3-5 years.

Speaking during the graduate entrepreneurship fund capacity programme, the Director- General, NYSC, Brig-Gen JB Olawumi urged the beneficiaries to take advantage of the opportunity given to them by BOI to demonstrate the capability of youths to excel if given the needed support and enabling environment.



Source: Leadership Newspaper

Create A Professional Website
—Do you want a prossional website for your business, church, mosque, school, hotel, hospital, services, organization, i can create one for you at an affordable price
Click Here For Details

Learn How To Make Pink Lip Balm
—Learn How To Make Pink Lip Balm, Sell and Make Profit
Click Here To Know How

Become A Website Designer, Blog Creator And A Professional Graphic Designer
Learn how to become a website designer, blog creator and a professional graphic designer with Photoshop,Coral Draw and an expert in the use of Microsoft Word,Microsoft Excel,Microsoft Access
Click Here For The Complete Details

Ads by PLB