Commitment to Women's Development
MTN Foundation, the CSR arm of MTN Nigeria, continues its mission to empower women entrepreneurs with the launch of the second phase of its impactful 'Yellopreneur' initiative. This initiative, aimed at supporting female entrepreneurs across Nigeria, will provide N450 million in loans to fuel business growth and development.
Unveiling the Initiative
During a press briefing held at the MTN head office in Lagos, Mrs Odunayo Sanya, the Executive Director of MTN Foundation, officially announced the opening of applications for the 'Yellopreneur' initiative. With a focus on women's empowerment and reducing unemployment, this initiative seeks to make a tangible difference in the lives of female entrepreneurs.
Investment Allocation and Loan Disbursement
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, setting the stage for growth and expansion.
Comprehensive Application Process
To ensure the success of the program, MTN Foundation has designed a comprehensive approach to the application process. Approximately 1,000 applicants will undergo a 5-week online entrepreneurial skills and masterclass training before the final selection of the 150 entrepreneurs. This training aims to equip participants with the essential skills needed to manage and grow their businesses effectively.
Favorable Loan Terms and Repayment
The N3 million loan granted to each entrepreneur will carry a 2.5% flat interest rate, with 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, further incentivizing business sustainability and growth.
Program Objectives and Activities
The Yellopreneur Initiative aims to significantly reduce women's unemployment and advance their development in entrepreneurship. Phase 2 activities include business plan development, equipment loan support, business advisory services, and streamlined loan repayment processes, all aimed at ensuring long-term business success and sustainability.
Eligibility Criteria and Application Period
The program targets female entrepreneurs in medium enterprise groups with a minimum SSCE education background, operating in circular economy sectors such as manufacturing, agriculture, ICT/digital services, waste management, and energy generation. Interested entrepreneurs can apply from March 5 to March 30, 2024, and are encouraged to take advantage of this opportunity to propel their businesses forward.
Program Overview and Impact
Since its pilot phase in 2022, the Yellopreneur Initiative has trained thousands of female entrepreneurs in business management and development. Phase One saw 50 female entrepreneurs receive equipment loans totaling over N94 million, highlighting the initiative's commitment to long-term business sustainability and growth.
A Beacon of Support for Women Entrepreneurs
As MTN Foundation opens applications for Phase 2 of the Yellopreneur Initiative, it reaffirms its dedication to empowering women, fostering entrepreneurship, and contributing to Nigeria's economic growth. With financial assistance, comprehensive training, and advisory services, the Foundation aims to be a catalyst for success, urging passionate entrepreneurs to seize this opportunity and take their businesses to new heights.
