The Corporate Social Responsibility arm of MTN Nigeria, MTN Foundation has opened applications for phase two of its ‘Yellopreneur’ initiative, through which it intends to offer the sum of N450 million as loans to successful applicants.
The Executive Director of the Foundation, Mrs Odunayo Sanya announced the opening of applications during a press briefing at the MTN head office in Lagos on Tuesday.
According to her, 150 female entrepreneurs will receive N3 million each as loans to boost their businesses, totaling N450 million.
Before the selection of the 150, about 1,000 applicants for the program will go through a 5-week online entrepreneurial skills and masterclass training.
For the training and the loans, MTN is investing the sum of N600 million in the second phase of the program started last year.
Sanya noted that the N3 million loan for each of the successful participants will attract a 2.5% flat interest rate and the entrepreneurs will enjoy a 6-month moratorium and 36-month repayment period.
Upon completion of repayment, Sanya said the participants would receive 25% of the fund as grants, amounting to N750,000 for each of the 150 entrepreneurs that will be selected.
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“The Yellopreneur Initiative seeks to contribute to the reduction in women’s unemployment and advance women’s development in entrepreneurship’ through capacity building.
“This will enhance their entrepreneurial abilities and establish some of the Female Entrepreneurs with small business loans/grants and advisory support services for sustainability,” she said.
The MTN Foundation ED said the program is designed to target female entrepreneurs in medium enterprise groups who have a minimum SSCE education background and who display passion and commitment to self-employment. Other eligibility criteria include:
The business must have been existing for two years and above. The business is in the area of circular economy such as manufacturing, processing, agriculture,
ICT/digital services, waste management, and energy generation, among others.
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The business is able to source most of its raw materials locally.
The application for the program was opened on Tuesday, March 5, 2024, and it is expected to close March 30, 2024. Interested entrepreneurs can apply here.
MTN Nigeria Foundation launched a pilot phase of the Y’ellopreneur Initiative in 2022. In Phase One, 4,711 Female Entrepreneurs were trained in the fundamentals of business Management & Development.
The training empowered them to vie for the opportunity to receive up to N2 million as equipment loan/grants to grow their businesses.
Equipment loans of over N94 Million were disbursed to 50 female entrepreneurs. Upon full repayment of the loan, the Y’ellopreneurs will receive 25% of the loan value as grants.