MTN Foundation Launches Second Phase of ‘Yellopreneur’ Initiative to Empower Female Entrepreneurs in Nigeria
MTN Foundation, the Corporate Social Responsibility arm of MTN Nigeria, has commenced the application process for the second phase of its impactful ‘Yellopreneur’ initiative. The program aims to extend N450 million in loans to support female entrepreneurs across Nigeria. Mrs. Odunayo Sanya, the Executive Director of MTN Foundation, announced this during a press briefing at the MTN head office in Lagos on Tuesday.
In this phase, MTN Foundation plans to invest a substantial N600 million, with N450 million allocated as loans for 150 selected female entrepreneurs. Each successful applicant will receive N3 million to enhance their businesses. Mrs. Sanya emphasized the Foundation’s commitment to women’s development and reducing unemployment through strategic initiatives like ‘Yellopreneur.’
Application Process:
To ensure program success, MTN Foundation has designed a comprehensive approach. Approximately 1,000 applicants will undergo a 5-week online entrepreneurial skills and masterclass training before the selection of the final 150 entrepreneurs. This training aims to equip participants with essential skills for business management and growth.
Loan Terms and Repayment:
The N3 million loan granted to each entrepreneur will carry a 2.5% flat interest rate. 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, equivalent to N750,000 for each entrepreneur.
Program Objectives and Activities:
The Yellopreneur Initiative aims to significantly reduce women’s unemployment and advance their entrepreneurship development. Phase 2 activities include developing and presenting bankable business plans, equipment loan support, business advisory services, and streamlined loan repayment processes for sustainability.
Eligibility Criteria:
The program targets female entrepreneurs in medium enterprise groups with a minimum SSCE education background. Essential criteria include a business existence of two years or more and involvement in circular economy sectors such as manufacturing, processing, agriculture, ICT/digital services, waste management, and energy generation. Businesses are expected to source most raw materials locally.
Application Period:
Entrepreneurs can apply for the program from March 5, 2024, to 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 started 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 loan repayment will entitle these entrepreneurs to a 25% grant, illustrating the initiative’s commitment to long-term business sustainability.
MTN Foundation’s Yellopreneur Initiative supports women entrepreneurs in Nigeria, offering financial assistance, comprehensive training, and advisory services. As the Foundation opens applications for Phase 2, it reinforces its commitment to empowering women and fostering entrepreneurship, contributing to Nigeria’s economic growth. Interested applicants are encouraged to seize this opportunity to propel their businesses forward.
Source: Innovation Village