By Melvin Onwubuke
The Corporate Social Responsibility arm of MTN Nigeria, MTN Foundation has opened applications for phase two of its ‘Yellopreneur’ initiative, through which it intends to offer the sum of N450 million as loans to successful applicants.
The was disclosed by Mrs Odunayo Sanya, the Executive Director of the Foundation, in a pressing during the opening of applications at the MTN head office in Lagos on Tuesday, according to nairametrics.
In the statement, she said 150 female entrepreneurs will receive N3 million each as loans to boost their businesses, totaling N450 million.
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.
In the second phase of the programme, which started last year, MTN will invest a sum of N600 million for training and loans.
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 six month moratorium and thirty six month repayment period.
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.”
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.
The MTN Foundation ED said the program 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.
Recall, MTN Nigeria Foundation launched a pilot phase of the Y’ellopreneur Initiative in 2022. In Phase One, 4,711 Female Entrepreneurs were trained in the fundamentals of business Management & Development.
