MTN Foundation, the Corporate Social Responsibility arm of MTN Nigeria, has officially opened applications for the second phase of its impactful ‘Yellopreneur’ initiative. This initiative aims to provide N450 million in loans to support female entrepreneurs across Nigeria. The Executive Director of MTN Foundation, Mrs Odunayo Sanya, made the announcement during a press briefing held at the MTN head office in Lagos on Tuesday.
In this phase of the program, MTN Foundation plans to invest a substantial sum of N600 million, with N450 million allocated as loans for 150 selected female entrepreneurs. Each successful applicant will receive N3 million to bolster their businesses. Mrs Sanya emphasized the Foundation’s commitment to fostering women’s development and reducing unemployment through strategic initiatives like ‘Yellopreneur.’
Application Process:
To ensure the success of the program, MTN Foundation has designed a comprehensive approach. Before the selection of the final 150 entrepreneurs, approximately 1,000 applicants will undergo a 5-week online entrepreneurial skills and masterclass training. This training is a crucial step to equip participants with the necessary skills for managing and growing their businesses.
Loan Terms and Repayment:
The N3 million loan granted to each entrepreneur will carry a 2.5% flat interest rate. Additionally, participants will benefit from a 6-month moratorium and a 36-month repayment period. Upon successful repayment, participants will receive a grant amounting to 25% of the loan value, translating to N750,000 for each entrepreneur.
Program Objectives and Activities:
The Yellopreneur Initiative aims to contribute significantly to reducing women’s unemployment and advancing their development in entrepreneurship. The activities of Phase 2 include the development and presentation of bankable business plans, equipment loan support, business advisory services, and streamlined loan repayment processes for sustainability.
Eligibility Criteria:
The Yellopreneur program targets female entrepreneurs in medium enterprise groups with a minimum SSCE education background. Essential eligibility criteria include a business existence of two years or more, involvement in circular economy sectors such as manufacturing, processing, agriculture, ICT/digital services, waste management, and energy generation. Moreover, businesses are expected to source most of their raw materials locally.
Application Period:
Interested entrepreneurs can apply for the program starting March 5, 2024. The application window will remain open until March 30, 2024. The Foundation encourages passionate and committed female entrepreneurs to take advantage of this opportunity to further develop their businesses.
Program Overview:
The Y’ellopreneur Initiative began its pilot phase in 2022, training 4,711 female entrepreneurs in business management and development. In Phase One, 50 female entrepreneurs received equipment loans totaling over N94 million. Full repayment of the loan will entitle these entrepreneurs to a 25% grant, illustrating the initiative’s commitment to long-term business sustainability.
MTN Foundation’s Yellopreneur Initiative stands as a beacon of support for women entrepreneurs in Nigeria, offering not just financial assistance but also comprehensive training and advisory services. As the Foundation opens applications for Phase 2, it reinforces its commitment to empowering women, fostering entrepreneurship, and contributing to the economic growth of Nigeria. Interested applicants are encouraged to seize this opportunity to propel their businesses to new heights.
