NYIF: How To Get confirmation/Verification Mail & Activates it

NYIF: How To Get confirmation/Verification Mail & Activates it

NYIF: How To Get confirmation/Verification Mail & Activates it

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The easiest way to get the confirmation mail is by going to
1). nyif.nmfb.com.ng
2). Then click on login,
3). Then click ‘Didnt receive verification code/token’.
4). Enter your email and click send.

Check your email if you didn’t get the mail, just go back to step 3 above, and repeat. Keep on doing this until you get the mail. Note I did this as many times as possible until the verification mail arrived.

FINANCIAL INFORMATION

Proposed Loan Amount: 500k max for individual/non-registered businesses. 3m max for registered businesses

Proposed Loan Tenor: period of time you need to pay back the loan. 60 months (5 years) max. just put 60 there

Proposed Loan Moratorium: Little time you need to put things in order before you start paying back the loan. That’s, if you get the loan by March this year, and you put 12 months moratorium in there, you would start paying back the loan by February/March next year. So just put 12 for moratorium.

See NYIF Section 2 Registration: How to Calculate Your Projected Business Plan Earnings

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Loan Purpose: You should know this la, wetin you wan use the money do, which business.

Bank Name: Put your bank details

Proposed Loan Amount: 500k max for individual/non-registered businesses. 3m max for registered businesses

Proposed Loan Tenor: period of time you need to pay back the loan. 60 months (5 years) max. just put 60 there

Proposed Loan Moratorium: Little time you need to put things in order before you start paying back the loan. That’s, if you get the loan by March this year, and you put 12 months moratorium in there, you would start paying back the loan by February/March next year. So just put 12 for moratorium.

Loan Purpose: You should know this la, wetin you wan use the money do, which business.

Bank Name:

SEE MORE ON NYIF Section 2 Registration: How to Calculate Your Projected Business Plan Earnings

This financial information is for mini business plan.

Projected Average Monthly Sales Revenue (next 12 months):

The average of the total amount of income in a month before any deductions are made.

Projected Monthly Sales Revenue:

The total amount of income in a month before any deductions are made.

Projected Monthly Operating Expenses:

The monthly expense of maintaining property (e.g., administration, paying property taxes and utilities and insurance); it does not include depreciation or the cost of financing or income taxes.

Projected Monthly Gross Profit:

The net sales minus the cost of goods and services sold per month

Projected Annual Operating Expenses:

The yearly expense of maintaining property (e.g., administration, paying property taxes and utilities and insurance); it does not include depreciation or the cost of financing or income taxes.

Projected Gross Profit (2021):

The net sales minus the cost of goods and services sold in 2021

Projected Gross Profit (2022):

The net sales minus the cost of goods and services sold in 2022

Projected Gross Profit (2023):

The net sales minus the cost of goods and services sold in 2023

Projected Annual Net Income:

The excess of revenues over expenditures per year (including depreciation and other non-cash expenses). Annual Net Income = Annual Gross Profit minus Annual Operating Expenses (and Taxes)

The first and second must look the same, but they are different.

Second one says you write what you are plan to be making monthly from sales and service (Projected Monthly Sales Revenue), let’s say N50,000

First one then says your average monthly sales revenue in 12 months (Projected Average Monthly Sales Revenue (next 12 months)). This will be your monthly sales revenue which is 100,000 x 12 months divided by 12.

The third one is Projected Monthly Expenses. From the definition of Operating Expenses I gave earlier, this is the total monthly expenses in running your business, which doesn’t include the cost of financing or income taxes.

The fourth one says Projected Monthly Gross Profit: Monthly Gross profit = Monthly Sales Revenue minus Cost of Goods Sold.

Cost of good sold is the sum of what it cost you to get you to the point of sales. E.g. transportation, labour, tax on the product, e.t.c

The fifth one is the Projected Annual Operating Expenses. This is your monthly expenses you have written in number 3 x 12, since you will be doing the same thing for a year.

The seventh and eighth one is your Projected Gross profit for 2022 and 2023 respectively. You can increase your Gross profit for 2021 by quarter or half or maintain the same figure for both 2022 and 2023

The last one is your Projected Annual Net Income. This is the formula:

Your projected Monthly Sales Revenue x 12 minus Cost of goods sold =

Annual Net Income = Annual Gross Profit minus Annual projected Operating expenses