How to Apply/Fill 2021/2022 NYIF Loan Application Form Online – See NYIF 2021 Training Portal Here
Do you want to know how you can Apply/Fill 2021/2022 NYIF Loan Application Form Online? Are you among those that applied for Nigeria Youth Investment Fund (NYIF) 2021 registration? If yes then read further for an update as regards to how you can access 2021 NYIF Loan. This article presents to you the NYIF Loan Application guide and how you can register online.
The Nigeria Youth Investment Fund Loan is an Emergency Program to support micro, small, and medium-sized enterprises (MSMEs) and start-ups in Nigeria.
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About Nigerian Youth Investment Fund
The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria.
The plan targets young people between the ages of 18-35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youth in critical economic and social sectors.
The fund is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.
The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2021 and 2023.
Who Is Eligible To Apply For NYIF Loan?
Individuals / Non-registered Businesses
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
Registered Businesses
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Business plan Summary or Completed Questionnaire
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
NYIF Loan Objectives of the Scheme
- Access: Improve access to finance for youth and youth-owned enterprises, for national development
Employment: Generate much-needed employment opportunities to curb youth restiveness.
Training: Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.
How To Access Nigerian Youth Investment Fund (NYIF) Loan?
STEP 1
Get Trained
STEP 2
Apply For NYIF Loan Application
STEP 3
Submit An Application
STEP 4
Approval
STEP 5
NYIF Loan Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB
NYIF 2021 Training Portal & How to Register Online
NYIF 2021 Training Portal is now open for all register members, so if you are interested Click Here to enroll now.
All You Need To Know About Nigerian Youth Investment Fund NYIF Loan
- What is the NYIF Loan interest rate?
Interest rate under the intervention is 5% per annum (all inclusive).
- How long is the NYIF Loan for?
Term loans have a maximum tenor of not more than 5 years.
- How much can I access from the NYIF Loan?
Households: Can access a maximum of N3 million
Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.
Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).
- Is there a Moratorium period For NYIF Loan?
At least, one-year moratorium.
- How much can I access?
Individual / Non-registered Businesses: Can access up to ₦250,000.00
Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00
- Can someone currently enjoying any CBN intervention fund access this loan?
No, you cannot access this facility except previous CBN intervention loan(s) has been fully repaid.
Do I need a collateral to access NYIF Loan?
No, but all assets purchased under the scheme must be registered with the National Collateral Registry (NCR. Also, the Global Standing Instruction (GSI) mandate will be activated to ensure full repayment by loan obligor.
- A Nigerian Youth who falls within the age bracket of 18 -35 years
Individual / Non-registered Businesses: Can access up to ₦250,000.00
Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00
- Where can I get trained Through The NYIF Online Training
Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or www.youthandsport.gov.ng
- Can any NIRSAL MFB approved EDIs train applicants for this programme?
No, the NIRSAL approved Entrepreneurship Development Institute EDIs are not eligible to train any applicants under this scheme, except they are listed by the FMYSD.
- Do I need a Bank Verification Number BVN to apply?
Yes, a valid Bank Verification Number (BVN) is required.
- What valid means of identification do I need?
Any valid means of Identification such as Driver’s license, National ID & International passport.
- Does my Business or Enterprise need to be domiciled in Nigeria?
Yes, the Business/Enterprises must be domiciled and operational in Nigeria.