How to Apply for Nigeria Youth Investment Fund (NYIF) at nyif.nmfb.com.ng

How to Apply via nyif.nmfb.com.ng Nigeria Youth Investment Fund (NYIF)

 

Application is now open for the Nigerian Youth Investment Fund (NYIF). The application which started today been the 13th of October 2020 is opened to Nigerian Youths from the age of 18- 35 years. Nigerian youths wanting to apply for program need not have a registered business or existing business.

nyif

ELIGIBILITY

FORMAL BUSINESS ENTERPRISES- Youth Owned Enterprises

  • Duly registered formal business enterprises (Youth owned enterprises) with Corporate Affairs Commission (CAC)
  • Provision of Business plan Summary / Or Completed Questionnaire
  • Evidence of Training Certificate from approved FMYSD EDIs
  • Valid Bank Verification Number (BVNs) of Director
  • Provision of Tax Identification Number (TIN)

INFORMAL BUSINESS ENTERPRISES (INDIVIDUAL li SOLE PROPRIETORS)

  • Must be a Nigerian youth within the age bracket of 18 to 35yrs
  • Have an operational business /enterprise domiciled In Nigeria (Those with unregistered business can also apply) 
  • Has not been convicted of any financial clime in the last 10 years
  • Valid Bank Verification Number (BVN)
  • Evidence of Local Government Indigene Certificate

INELIGIBILITY

  • Beneficiaries of NMFB loans (such as Targeted Credit Facility TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that remain unpaid are not eligible to apply.
  • Beneficiaries of other Government loan schemes that remain unpaid are not eligible to apply.

DOCUMENTATION REQUIRED

  • Training Certificate from approved FMYSD EDIs
  • Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A
  • Valid Bank Verification Number (BVN) for Individuals and Directors
  • Evidence of Local Government Indigene certificate
  • Duly completed the Application form
  • A copy of Birth Certificate
  • Valid Tax Identification Number (TIN)
  • A Summary Business plan / Questionnaire
  • Valid means of Identification (Voter’s Card. Drivers License. National ID/NIN Slip 3. International passport)
  • Automated two years of bank statement analysis.

The fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years with a single-digit interest rate of 5%.

  • GLOBAL LIMIT: N12.5 billion
    FACILITY TYPE: Term Loan
    SINGLE OBLIGOR LIMIT: Individual / Non registered Business: Up to #250.000.00 | Registered Businesses( Business Name, Limited liability/ Corporative Societies / Commodities Associations): Up to N3,000.000.00.
  • LOAN TENOR: Maximum of 5 years
  • MORATORIUM: Maximum of 12 months
  • Repayment Structure: Repayment will be on an installment basis inline with businesses and NMFB evaluation.

If you are interested in applying for the Nigerian youth investment fund (NYIF). Kindly visit https://nyif.nmfb.com.ng/Applicants/New


Read also:

N-Power Nexit Portal

NDA List Of Successful Candidates

Winner of the Next Robotics Legend Competition

Post a Comment

0 Comments