The MTN Foundation is partnering with the Bank of Industry (BOI) to give out business loans plus training and support to female entrepreneurs in an initiative called the MTN Y’ellopreneur. This initiative is targeted at female entrepreneurs as it aims to reduce women’s unemployment and advance women’s development in ‘Entrepreneurship.
Not every entrepreneur can apply for this loan. You should ensure you meet the requirements.
Criteria to apply for the MTN Yellopreneur Initiative
You should be female, and run a business in manufacturing, processing, agriculture, ICT/digital services, and financial services for two or more years. You need to be sourcing materials for your business locally in Nigeria, for you to qualify for the loan. You can be resident in any state in Nigeria.
As an additional requirement, all applicants are expected to have a minimum of a Secondary School Certificate. The 500 shortlisted applicants will receive a 4-week virtual training program in August 2022, in line with the Federal Government’s Sustainable Development Goals Agenda to bridge the female entrepreneurial skills gap. The Training session will be handled by the Enterprise Development Centre of the Lagos Business School, and it will focus on bridging the entrepreneurial skills gap.
The Mobile data to connect for the training will be provided by MTN but You need to have an internet-enabled device. There will be assessments and tests at the end of the training, and each participant will be awarded E-Certificate. The assessment scores from the training will form part of the requirements to qualify 100 female entrepreneurs, who will get the opportunity to get equipment loans of up to N2 million, to enable them to grow and sustain their businesses. Upon full payback of the loan, 25% of the loan value will be refunded as a grant to those entrepreneurs who meet expectations of the credit terms.
The application closes on Wednesday, July 20, 2022.
How to apply
- To start your application, click here
- You will see a popup box welcoming you and asking you to grant permission to use the information you will fill out in your application. Click Yes I accept.
- The first page is for Personal Details.
- Fill out your First Name, Surname, Other Names (if applicable), Your gender and Date Of Birth, and Marital status.
- You also need to fill in your email address and phone number (plus an alternate Number where you can be reached)
- Note: Even though there is a male gender there, it is only meant for females.
Click NEXT to move to the next page.
The next is the ADDRESS page.
- You enter your state and LG of origin, your state and LG of residence, and your highest educational qualification.
- At any point you notice you made a mistake, click the previous box below and go modify it.
Click NEXT to move to the next page.
- Here you have to fill in more personal details.
- Fill out your employment status, and how you heard about the application.
- Do you currently own a business? The typical answer should be yes. Once you click yes, more questions would appear.
- Fill out the type of business you operate, and describe the nature of your business.
- State how long you have run the business and your current staff strength (give a range).
- If your business is registered, fill YES. Another box will drop down and you have to indicate what type of business registration you have; CAC, SON, FIRS (Tax clearance/TIN), etc.
- Fill out the other details like business address, the number of branches, and belonging to any professional Body/Association?
- Next, you will be asked to spell out the top 3 risks associated with your business, and your business goal/ plan for the next 3 – 5 years.
- Lastly, you will state the capital base of your business, and the estimated fund you require to grow your business. This value is in naira but you have to type them out in figures. You don’t need to add the naira sign or anything else.
Click NEXT to move on.
The next page is made up of yes/no questions and is meant to determine if you are equipped and available for the training which will be done virtually. If you state that you have done an online training before, you will be asked to state the name and year of the training.
Click NEXT to move to the last page
- Upload your passport photograph with white background and a means of identification. (photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card)
- Check the terms and conditions box.
- Click submit.
