MTN Okays N300m Equipment Loan For 150 Women

MTN Nigeria Limited has approved  N300million equipment loan for 150 women entrepreneurs.

The cash, coming through its foundation, the MTN Foundation’s Y’elloprenuer, will see each of the 150 women receive up to N2 million grant as the first phase of MTN Foundation’s Y’elloprenuer initiative.

According to a statement, 200 female entrepreneurs will participate in a pitch competition between February 16 and 22, to qualify for the grant.

Following the pitch, the outstanding 150 female entrepreneurs with bankable business ideas will be supported with the equipment loan at a fixed interest rate of 2.5 per cent and a 36-month repayment.

According to a report by PWC Nigeria, women account for 41per cent of the ownership of micro-businesses, with 23 million female entrepreneurs operating within this segment.

Despite the numbers, a lot of female entrepreneurs struggle to scale their businesses, due to a lack of access to start-up capital or capital for expansion and inadequate business training which creates a skills gap.

Speaking on the Y’ellopreneur programme, Executive Secretary, MTN Foundation, Odunayo Sanya, said the goal of the initiative is to encourage growth and expansion of more sustainable women-led businesses.

She said: “The female unemployment rate in Nigeria is about 35.2per cent, despite having a high percentage of women-led businesses. The Y’ellopreneur initiative aims to equip female business owners with the required business skills and necessary funds to enable sustainable businesses led by women.”

The Y’ellopreneur initiative in partnership with the Bank of Industry (BiI) and the Enterprise Development Centre (EDC) is part of the MTN Foundation’s strategic efforts to participate in the reduction of female unemployment in Nigeria and help transform budding small businesses for Nigerian women.

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