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Graduate Entrepreneurship Fund (GEF)

Bank of Industry, Nigeria > Products > SMEs > Graduate Entrepreneurship Fund (GEF)

Graduate Entrepreneurship

Fund (GEF)

GRADUATE ENTREPRENEURSHIP FUND

(GEF)
The Graduate Entrepreneurship Fund (GEF) scheme is the Bank’s first youth
programme which was launched in October 2015 and is facilitated by the BOI’s
partner Entrepreneurship Development Centers/Institutions in collaboration with the
National Youth Service Corps (NYSC) Directorate. This initiative is specifically
targeted at youths undergoing the mandatory one (1) year national service
programme.

The aim is to change the job-seeking mindset of Nigerian youths to entrepreneurship

and self-reliance by encouraging them to develop skills for self-employment and to
contribute to the accelerated growth of the national economy. The GEF Programme
comprises the following:

Selection/screening of the NYSC members that will participate in the capacity-

building process through a questionnaire to be administered on the BOI online
portal.
4 days of intensive training on: 
Privacy - Terms
 Generating a business idea (value proposition)
How to run a profitable business (Business Model)
Basic financial record keeping.
Financial support for those with bankable business ideas within BOI’s SME
clusters.

Eligibility Criteria
 This product will be available to serving NYSC members that have
successfully passed through the following stages:

 Screening process

 Attended the capacity-building programme developed specifically for

the prospects under GEF.

 Submitted a bankable business plan in respect of any of the Bank’s

identified 40 SME clusters listed in Appendix I. (Any subsequent
addition to the Bank’s identified cluster shall also be included)

Loan Requirements
 Specific charge over the equipment (present and future).

 Lien on the NYSC discharge certificate

 Undertaking by the NYSC Directorate not to release the discharge certificate

until the loan is liquidated.

 One (1) external guarantor acceptable to BOI who must belong to any of the
following categories:

 Senior Civil Servant (Level 7 and above).

 Bankers (not below the level of banking Officer), and must have been
confirmed by current employer.

 Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers,

etc.

 Senior Staff of reputable quoted Companies, International Oil

Companies, and Telecommunications Companies (GSM providers).

 Elected public servants/administrators.

 Reputable entrepreneurs with ongoing entities and registered business

names.

 Clergymen.

The guarantees must be supported with a Notarized Statement of Net worth

acceptable to BOI.

Loan Documentation Required

Customers are required to open an account with the Bank of Industry before application
can commence. The documents needed for an account to be opened are listed below.
A customer identification number will be created at the end of the account opening
process.

An account can be opened by completing an account opening form and submitting all
the required documents:

ACCOUNT OPENING REQUIREMENT LIST

 Schedule of the shareholders signed by the company secretary.

(Shareholders Register) for new customers and a confirmation of earlier
submission for returning customers

 Full Incorporation Documents:

 Photocopy of Certificate of Incorporation


 Certified true copy of Memorandum and Articles of Association
  Forms CAC 2.5 (Allotment of Shares)

 CAC 2.3 (Particulars of Directors)

 CAC 2.1 (Appointment of Company Secretary)

 Means of identification of all Directors of the company (i.e., photocopy of

International Passport/Driver’s License and National Identity Card) and BVN
of the Executive Directors. (**note that ID of all Directors are needed for
compliance and credit search)

The loan application process will begin after the account is opened. A loan application
form is required to be completed and all required documents submitted and verified:

LOAN APPLICATION / APPROVAL REQUIREMENT LIST

 Formal Loan Application on Letterhead

 Duly completed Loan Application Form

 Feasibility Study Report on the project to be financed stating write-up on

technology and manufacturing process(s), etc.

 Quotation/Proforma Invoice for the supply of items of Machinery and

Equipment. Sources and quotations for Raw Materials expressed in quantity
and amount

 Security: Bank Guarantee, a letter of intent for Bank Guarantee (with Risk
Management being part of the authorized signatories) of the commercial
bank issuing the guarantee. Any exception should be supported with the
Bank’s approval limits OR

 Legal Mortgage

 Photocopy of the title document(s) to the property being pledged e.g

Statutory Certificate of Occupancy/Deed of
Assignment/Conveyance/Deed of sublease

 Valuation Report on the Property Proposed as Security from BOI’s

accredited value

 Lease agreement, if operating from a rented premises

 A copy of the draft Technical, Management, Machinery Supply and/or Joint

Venture Agreement (where applicable)

 Three years’ Audited Financial Accounts and most recent Management

Account from a BOI accredited auditors (for an existing business) OR
Statement of Affairs (for business less than one (1) year)

 Company’s Bank Statement for a period of one (1) year

 The output of the process is the offer letter

 Two options are proposed for this stage as shown below

 Regulatory approvals e.g NAFDAC certificate, Mining Lease

 Declaration of Outstanding Liabilities to other Institutions and/or Individual

If a loan a loan is approved, the next and that last part of the process is disbursement.
Before disbursement can begin, the documents below must be submitted:

LOAN AVAILMENT / DISBURSEMENT REQUIREMENT LIST

To be provided by the customer:

 Submission of Letter of Offer duly endorsed by a Director and Company

Secretary or two (2) Directors

 Letter of acceptance of Offer and Letter showing specimen signature of the

authorized signatory

 Board Resolution authorizing borrowing 

  Return of duly executed Loan Agreement

 Evidence of payment of fees (if applicable – appraisal, commitment and legal

fees)

 Letter of Attestation

 Original proforma invoice(s) for the approved item

 Four (4) Passport photographs of the Chief Promoter and a Director

 Evidence of filing of Annual Returns, as well as tax clearance certificate -TCC-

for the Company, the Chief Promoter and Directors of the Company. Evidence
of payment (eTCC) should be accepted for deferral

 Submission of Bank Guarantee or title documents/other legal documents e.g.

Statutory Certificate of Occupancy of the pledged property, ground rent
receipts etc.

 Letter of undertaking to pay interest during moratorium

Click to view or download checklist

Features
 Single Obligor Limit: ₦3 Million

 Tenor: 3-5 years

 Moratorium: 6 Months

 Pricing/Charges: Interest Rate: 0%, Legal Fee: Statutory Fees: Payable to

Government Agencies (Stamp Duties, Registration Fees, CAC Filing fees, etc.) - These
fees are dependent on the security arrangement, loan value and location of security,
Professional legal fees: Dependent on loan value.

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