MTN Foundation’s initiative, ‘Yellopreneur,’ is back with a new phase, offering N450 million in loans to female entrepreneurs. The Executive Director, Mrs. Odunayo Sanya, made the announcement during a press briefing at the MTN head office in Lagos. The program aims to support 150 female entrepreneurs with N3 million each to boost their businesses.
Here’s what you need to know
- Funding Details: 150 lucky female entrepreneurs will each receive N3 million as loans to boost their businesses, totaling N450 million.
- Training Program: Before the loan recipients gets selected, approximately 1,000 applicants will undergo a 5-week online entrepreneurial skills and masterclass training.
- Investment: MTN is investing a substantial sum of N600 million into the second phase of the program, emphasizing their commitment to supporting women’s entrepreneurship in Nigeria.
Mrs. Sanya highlights the loan terms, stating that each successful participant will benefit from a 2.5% flat interest rate, along with a 6month moratorium and 36month repayment period. Upon full repayment, participants will also receive 25% of the loan value as grants, totaling N750,000 for each entrepreneur.
Who Can Apply
The ‘Yellopreneur’ Initiative is targeting female entrepreneurs in medium enterprise groups with a minimum SSCE education background.
Eligible businesses should be operating for two years or more and must be in sectors like manufacturing, agriculture, ICT/digital services, waste management, and energy generation.
Applications are open from March 5, 2024, to March 30, 2024. If this interest you in this fantastic opportunity, don’t hesitate to apply!
Looking Back: In the pilot phase of the ‘Yellopreneur’ Initiative launched in 2022, 4,711 female entrepreneurs received training in business management and development. Additionally, equipment loans totaling over N94 million were disbursed to 50 female entrepreneurs, empowering them to grow their businesses.
The MTN Foundation is dedicated to fostering women’s entrepreneurship and contributing to the reduction of women’s unemployment in Nigeria. With Phase Two of the ‘Yellopreneur’ Initiative, they’re taking another significant step towards achieving these goals.
Don’t miss out on this chance to turn your entrepreneurial dreams into reality with MTN Foundation’s support! Apply now and let your business thrive!
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