Call For Application: MTN opens applications for N450 million Equipment Loan ‘Yellopreneur’ initiative

Call For Application: Applications are now being accepted for phase two of the MTN Foundation’s “Yellopreneur“ project, which aims to provide N450 million in loans to selected candidates. The MTN Foundation is the CSR arm of MTN Nigeria.

During a press briefing on Tuesday at the MTN head office in Lagos, the Foundation’s Executive Director, Mrs. Odunayo Sanya, announced the opening of applications.

She claims that loans worth N450 million, or N3 million per woman entrepreneur, will be given to them to help grow their companies.

The program will need roughly 1,000 applicants to complete a 5-week online masterclass and entrepreneurial skills training before choosing the 150.

In the second phase of the program, which began last year, MTN is contributing N600 million for loans and training.

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The Loan

Sanya said that each of the successful participants will receive an N3 million loan with a flat interest rate of 2.5%. Additionally, the entrepreneurs will benefit from a 6-month moratorium and a 36-month repayment period.

Sanya stated that the participants will get rewards totaling 25% of the fund upon payback completion. This equates to N750,000 for each of the 150 selected entrepreneurs.

Through capacity building, the Yellopreneur Initiative aims to enhance women’s development in business and help lower the rate of unemployment among women.

“This will strengthen their capacity for entrepreneurship and provide some female entrepreneurs with grants and loans for small businesses as well as advisory support services for sustainability,” the speaker stated.

Who can apply for this loan program

According to the MTN Foundation ED, the program is intended for female entrepreneurs in medium-sized business groups who have completed at least their SSCE and who exhibit a strong desire and dedication to working for themselves. Additional requirements for eligibility are as follows:

The company has to have been in operation for at least two years.

The company operates in the manufacturing, processing, and agricultural sectors of the circular economy.

Digital services and ICT, trash management, and energy production are a few examples.

The majority of the raw materials used by the company may be found nearby.

The program’s application period began on Tuesday, March 5, 2024, and is scheduled to end on March 30, 2024. Interested entrepreneurs can apply here.

Things to be aware of

In 2022, the MTN Nigeria Foundation initiated the Y’ellopreneur Initiative’s pilot phase. 4,711 female entrepreneurs received training in the foundations of business development and management during Phase I.

They were able to compete for grants or equipment loans worth up to N2 million as a result of the training, which helped them expand their enterprises.

Over N94 million in equipment loans were given to 50 female business owners. The Y’ellopreneurs will get grants totaling 25% of the loan value after it is fully repaid.

Requirements: A Secondary School Certificate is the minimal requirement. The Bank of Industry (BOI) is the initiative’s implementing partner in collaboration with MTN Foundation.

Value of each loan: Depending on the results of their business plan study, each female entrepreneur could receive an equipment loan of up to N3 million.

Repayment schedule: There is a six-month moratorium and a 36-month repayment schedule for equipment loans. The terms and conditions agreed upon by the female entrepreneur and BOI will govern this, nevertheless.

How to Submit an Application

Female entrepreneurs who are interested should apply via: https://apps.mtn.ng/yellopreneur/

Only those who have been shortlisted will get communication.