MTN Foundation, BOI Offer N5m Financing to Women Entrepreneurs
- Up to 200 women entrepreneurs will receive equipment financing of up to N5 million each
- The initiative combines business training, pitching, advisory support and access to finance
- The third edition of Y’ellopreneur is backed by a N1 billion matching fund from MTN Foundation and BOI
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MTN Foundation and the Bank of Industry (BOI) have moved to strengthen women-owned businesses in Nigeria through the third edition of the Y’ellopreneur initiative.
The organisations held a pitch session for female entrepreneurs participating in the programme at the MTN Rooftop Events Centre in Ikoyi, Lagos.
Source: Getty Images
The pitch followed six weeks of intensive training at the Enterprise Development Centre of Pan-Atlantic University.
The training focused on business planning, management, market readiness and preparing participants to access equipment financing.
Women entrepreneurs participating in the Y’ellopreneur programme are set to benefit from business training and equipment financing.
Women entrepreneurs to access N5m
The third edition of Y’ellopreneur builds on a N1 billion matching fund established by MTN Foundation and BOI to support 200 women entrepreneurs seeking to expand their businesses, Tribune reports.
The fund is jointly financed on a 50:50 basis by MTN Foundation and BOI.
Eligible women-led micro, small and medium-sized enterprises can access equipment financing of up to N5 million.
The programme is also designed to provide participants with business advisory support to help them improve their operations and build sustainable enterprises.
The entrepreneurs operate across sectors including agro-processing, light manufacturing, fashion, energy, waste management and digital services.
BOI explains benefits of training
Sandra O. Yoroh, state manager at BOI, said the training had helped participants understand the importance of having a properly structured business.
She said the programme had given the entrepreneurs a better understanding of what they need to build viable businesses.
Yoroh said:
“They understand what they need to have a structure in the business and what it means for a business to be properly structured."
According to her, BOI will provide business advisory services and assess the businesses presented by participants during the pitch session.
She added that the partnership was focused on helping women develop sustainable enterprises.
Y’ellopreneur 3.0 seeks to address part of this gap by combining access to finance with business training and advisory services.
Source: Getty Images
Key features of Y’ellopreneur 3.0
- N1 billion matching fund established by MTN Foundation and BOI
- Up to N5 million equipment financing available to eligible businesses
- Up to 200 women entrepreneurs targeted for financing
- Six weeks of intensive business training
- Business advisory support from BOI
- Pitching opportunities for participating entrepreneurs
- Focus on sectors including agriculture, manufacturing, fashion, energy, waste management and digital services
The latest edition featured 760 entrepreneurs during the pitch session, with up to 200 women expected to receive equipment financing.
Source: Legit.ng
