I am so saddened by the latest developments of the Kaduna State Entrepreneurship Program (KADSTEP) which was flagged off 10weeks ago by the Kaduna State Government in partnership with Bank of Industry (BOI) AND Kaduna Business School (KBS). After rigorous trainings for 10weeks with serious challenges, risks, stress and everyone rejoicing that the program is ending with the soft loan promised by the govenrment to every beneficiary of the KADSTEP Program. Yesterday BOI officials came with their terms, conditions and criteria to be able to access the loan which was very very harsh. It turned out to be that most people were not aware right from the beginning what they were going into.
It is supposed to be a kind of replica of the Tony Elumelu Entrepreneurship Foundation because the Governor of Kaduna State Mal. Nasir El- Rufai was one of the key speakers in last years TEEP 2015 program in which he promised those who came from Kaduna to be part of the program.
And they came up with KADSTEP which everyone thought it is expected to help start-ups and so Start - ups will not have to go through the normal stress that BOI usually put people when you go seeking for loans.

Every beneficiary of this KADSTEP program was looking forward to this and all of a sudden BOI came with their conditions and criteria in which there must be a 10% percent commitment . This means that if u are collecting a loan of 3million then you must commit N300,000 before you can access the loan and aside that your guarantor must have assets worth more than 3million Naira and must be clergy men.

If u are taking a loan of above 5million, you must have land with a structure on the land and must be resided in urban areas of Kaduna State.

And many more conditions that broke peoples spine. Every one became demoralized and discouraged after wasting 10weeks on training 3 times a week, some coming from Zaria, Abuja, Kano, Bauchi, Katsina, etc.

Now no one knows his or her fate anymore. Some have decided to just quietly collect their certificates and move on looking for a better opportunity else.

After pay N7,000 during initial registration from 300 participants.

I think this is not encouraging entrepreneurship at all. I hope the government of Kaduna State see this as many people and rally emotionally broken. Someone even lost his car during this KADSTEP PROGRAM.

Aside the clergy thingy which is kind of weird, the 10% commitment is not that bad. Every serious aspiring entrepreneur should have no problem with this.

That said op, what's the interest rate like? This ought to be your major worry.