NYIF 2021 Loan Business Plan Process Begins (Follow Carefully)
How to upload NYIF loan Business Plan:
- Kindly note that qualification for the fund will be determined by your business plan.
- To upload your business plan to the NYIF portal, visit https://nyif.nmfb.com.ng/app,
- log in with your details, and then
- Upload your business plan.
- The file extension for your business plan should be in PDF.
Please Note: The ministry has changed the process of application to the following 3 basic steps:
Registration and uploading of the business plan.
Training
Disbursement
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See NYIF: Upload Your Business Plan Here – www.nyif.nmfb.gov.ng/app
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“In 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 followings are highlights of the meeting”:
“Starting from Monday May 31st, All applicants will be able to upload their business plans on the NYIF portal.
“Your qualification for the fund will be determined by your business plan, so is the amount to be approved for your business.
See NYIF: We’ll Invest in Innovative Ideas, Skills & Talent-Buhari Twitted
“The ministry has changed the process of application to the following 3 basic steps:
Registration and uploading of business plan.
Training
Disbursement
“Unlike how it is before, now, It is after your business plan upload you’ll be invited for training if your business plan is worthy of funding.
“There are higher chances of your buainess being funded if you make it to training, about 90% of applicants selected for the training will become beneficiaries
“If selected for the training, you’re already 90% qualified for the loan. You will need one guarantor if selected to benefit.
See NYIF: https://nmfb.com.ng/nigeria-youth-investment-fund is the Only Site for Registration-Minister
“You can apply as group or cooperative, but only one person representing others must fulfill all the eligibility conditions. Maximum accessible amount is 3m, lowest is 250k.
Interest Rate is 5%.
Moratorium is 12 months
Loan tenure is 36 months.
“A bill is already being prepared to be sent to the National assembly to pass the NYIF into law so as to ensure its continuity with successive governments. Accessing the fund, from application to disbursement is 3 to 6weeks.
“You’ll need to be a formally registered business to access above 500k. Otherwise you’ll only access between 250,000 to 500,000 Naira
Survival fund beneficiaries are eligible, Covid-19 TCF household beneficiaries will be made eligible”