Important Information from National Youth Investment Fund-NYIF nyif.nmfb.com.ng Greetings to you reader, we will be looking into information we gathered from the just concluded Zoom Town hall meeting with the Permanent secretary of the Ministry of youth and sport and the MD of NIRSAL MICROFINANCE BANK regarding the NATIONAL YOUTH INVESTMENT FUND (NYIF). The meeting was a success and the followings are the outcomes of the meeting:
With prior immediate effect from Monday 30th November , all National youth investment fund {NYIF} applicants will be able to upload their business plans on the NYIF portal, as many of you had been finding it difficult to do.
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It should be an important note to you that your qualification for the fund will be determined by your business plan, as well as the amount to be approved for your business. After much a do, the ministry, after contemplating on this for a long time, has changed the process of application to the following 3 simple steps:
- Registration and uploading of business plan.
- Training
- Disbursement
This came as a surprisingly outcome because unlike how it was before, now, It is after your business plan has been uploaded you’ll be invited for training if your business plan is worthy of funding.
The training in this case is of greater value because there are higher chances of your business being funded if you make it to training, speculating that about 90% of applicants selected for the training will definitely become beneficiaries.
To add,if you get selected for the training, you’re already 90% qualified for the loan. You will then need one guarantor if you later get selected to benefit from the fund. You can apply as group or cooperative, but only one person representing others must fulfill all the eligibility conditions as stated on the portal.
The maximum accessible amount from the National Youth Investment Fund is 3 million Naira while the lowest is 250,000 naira only.
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The interest Rate is 5%, low right?. Moratorium is 12 months as seen on the portal, while the Loan tenure is 36 months which is 3 years.
To ensure its continuity with successive governments, a bill is being prepared already to see that the National Youth Investment Fund is put in the Law books.
Wondering how long it takes to accessing the fund, well from application to disbursement is 3 to 6 weeks only.
For you to be able to access above 500,000, you will need to be a formally registered business or company, otherwise you will only be able to access between 250, 000 to 500,000 Naira. Also the Survival fund beneficiaries are eligible and the Covid-19 TCF household beneficiaries will be made eligible to access this loan.
Finding it difficult to apply, or having any suggestions or questions,please feel free to leave a comment. Thanks for reading. Follow us for more recruitment ideas and updates.
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I tried to apply for the nyif loan but reaching the option of selecting LGA of residential State, I was disabled from selecting LGA and could not go beyond here
Please! How can I upload my business plan?
Ateh aluku
november 28
how can i upload my business plan please
Pls, how can i upload my business plan ?
How can I upload my business plan?
Please how can I upload my business plan?