MTN Nigeria’s MTN Foundation has officially opened applications for the second phase of its Y’ellopreneur initiative, a Corporate Social Responsibility effort aimed at empowering female entrepreneurs. The initiative is set to provide a total of ₦450 million in loans to boost businesses.
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Loan Details:
Under this phase, 150 selected female entrepreneurs will receive ₦3 million each, contributing to the overall ₦450 million investment. The loan terms include a 2.5% flat interest rate, a 6-month moratorium, and a 36-month repayment period. Successful entrepreneurs will also receive 25% of the loan amount as grants upon full repayment.
Training Program:
Before the selection process, approximately 1,000 applicants will undergo a comprehensive 5-week online entrepreneurial skills and masterclass training. This training is designed to equip participants with the necessary skills and knowledge to enhance their businesses.
Eligibility Criteria:
Target Audience:
The Y’ellopreneur Initiative is tailored for female entrepreneurs in medium-sized enterprises with a minimum SSCE education background.
READ ALSO: How to Apply for N50bn Access Bank Loan To Empower 700,000 Nigerian MSMEs
Business Requirements:
- Businesses must have been in existence for two years or more.
- Focus on circular economy sectors such as manufacturing, processing, agriculture, ICT/digital services, waste management, and energy generation.
- Ability to source most raw materials locally.
Application Period:
The application portal opened on March 5, 2024, and will remain accessible until March 30, 2024. Interested entrepreneurs are encouraged to apply promptly through the official portal.
Program Impact:
Phase One Success:
In the pilot phase initiated in 2022, the Y’ellopreneur Initiative trained over 4,700 female entrepreneurs in business management and development.
Financial Support:
During Phase One, loans totaling over ₦94 million were disbursed to 50 female entrepreneurs for equipment and business growth. Upon full repayment, these entrepreneurs will receive an additional 25% of the loan amount as grants.
Conclusion:
The Y’ellopreneur Initiative reflects MTN’s commitment to advancing women’s entrepreneurship and reducing unemployment. Interested female entrepreneurs are encouraged to seize this opportunity for business development, financial support, and skills enhancement by applying before the March 30, 2024 deadline. Apply Now to be part of this transformative initiative.
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