MTN Foundation, the Corporate Social Responsibility arm of MTN Nigeria, has opened applications for phase two of its ‘Yellopreneur’ initiative. Through the initiative, the company intends to offer the sum of N450 million as loans to successful applicants.
Odunayo Sanya, the Executive Director of the Foundation, announced the opening of applications during a press briefing at the MTN head office in Lagos last Tuesday.
She stated that 150 female entrepreneurs will receive N3 million each as loans to boost their businesses, totalling N450 million.
According to her, 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 programme that 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.
She said, “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.”
The MTN Foundation Executive Director said the programme 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 existed 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.
The application for the program was opened on Tuesday, March 5, 2024, and it is expected to close on March 30, 2024. Interested entrepreneurs can apply.