Cassava Farming and Processing
Creating 10 million jobs by raising 100,000 Entrepreneurs across Africa who will generate 50 Billion US Dollars before the year 2030
YEEC AFRICA has diagnosed that the two biggest challenges that inhibit the involvement of young people in entrepreneurial ventures are: lack of funding and the high cost of raising start-off capital. The sad reality is that the business of many young people are often credit constrained and access to finance remains a critical hindrance to their growth as they are notably by-passed by capital fund providers because of their risk perception.
These challenges can herald very negative implications on the development of entrepreneurship in Nigeria and Africa.
To address this problem, YEEC AFRICA is set to offer seed capital support to young entrepreneurs to offset the hurdle of sourcing initial funds to start off and grow their business enterprise.
YEEC AFRICA will primarily provide sensitization and training on Entrepreneurship Development which will culminate in the release of substantial funds in the form of nonrefundable Seed Money to qualified entrepreneurs to kick start and grow their business ventures. This fund programme is known as the YEEC SEED CAPITAL FUND.
YEEC Seed Capital Fund is initiated to alleviate the funding constraints of young entrepreneurs and to enhance the deployment of their ingenuity and resourcefulness for maximum economic development through entrepreneurship.
A call for applications will be published before the end of February 2020 on the YEEC website and other publicity channels.
To apply for the YEEC Seed Capital Programme, simply log on to www.app.yeecafrica.com/register. Fill out the application form provided in the YEEC Seed Capital Programme tab on the YEEC AFRICA homepage. Ensure that all required information are inputted.
After successful completion of the application form, Applicant shall receive a confirmatory email with further instructions on accessing the YEEC SEED CAPITAL FUND
Application is open
The following persons are eligible to partake in the YEEC Seed Capital Fund programme:
After the close of application window for the YEEC Seed Capital Fund, all registered candidates shall be scheduled to undergo special training on entrepreneurship awareness and development to be conducted by a YEEC entrepreneurship training partner.
The entrepreneurship education content shall include management tools (HR, digital marketing, PR), financial education (accounting, finance, interactions with financial institutions) and soft skills (negotiations, leadership, presentation) and cover soft skills requisite for developing a business growth plan with concrete vision and deliverables.
At the completion of the Entrepreneurship Development Training, Participants shall be issued a Training Certificate which optimizes their chances of accessing entrepreneurship grants from the Central Bank of Nigeria and regional organizations like the Bank of Industry.
The Entrepreneurship Training will offer YEEC AFRICA an opportunity to observe and identify proficient candidates who have exhibited exceptional business aptitude. These selected candidates will be further screened in preparation for access to YEEC Seed Capital Fund.
A Screening Committee shall be constituted by YEEC Africa which shall include a representative of the YEEC Entrepreneurship training partner, a representative from the YEEC Supported Commercial Bank. The Committee shall screen all applications for YEEC Seed Capital Fund and interview selected candidates on their business and growth projections.
Candidates shall be required to provide a business plan in proof of the genuinity of their business concept. Businesses equipped with a full business plan but in the initial stages of developing a new product or service or may not have formally established operations but possess a viable business concept shall be considered.
Upon the completion of the selection process, a non-refundable seed capital of N1, 500,000.00 (One million Five hundred Thousand Naira only) shall be disbursed to each of the approved beneficiaries to accelerate growth, profitability and sustainability of their various business concepts.
YEEC Seed capital programme will be implemented with the support of Banks and Financial Institutions who shall be primary custodians of the fund and shall manage disbursement and monitoring of fund usage.
YEEC Seed Capital Funding shall be sourced from donations, sponsorship and grants from local and international partners.
Upon mobilization of the YEEC Seed Capital Fund, YEEC AFRICA shall domicile the funds in the custody of its designated Commercial Bank Partner in order to ensure seamless funds disbursement to selected beneficiaries.
Following successful selection of candidates for Seed Capital Fund, the names of approved beneficiaries shall be submitted to the YEEC Partner Commercial Bank for purpose of disbursement of approved funds.
Each selected entrepreneur shall be required to open an account in the name of his or her enterprise in any branch of YEEC partner Commercial Bank and the designated seed capital fund will be disbursed into the beneficiary’s account. This account shall also be maintained for management of other cash receivable and business accounting for the enterprise.
Businesses that have not undergone incorporation with the Corporate Affairs Commissions will be offered the necessary support and linkage to register their enterprises in compliance with the Law.