The Nigeria Youth Investment Fund (N-YIF) is an initiative of the Federal Ministry of Youth and Sports Development.
The NIRSAL Microfinance Bank has rolled out the framework for the operation of the window for the fund which was launched recently by the Minister of Youth and Sports, Sunday Dare.
Who is Eligible
The plan targets young people between the ages of 18 and 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.
Amount Approved For This Project
The Federal Executive Council approved N75 billion on July 22, 2020 to establish the Fund for three years which ends by 2023 and will empower 500,000 youths with jobs during the period
Categories of business who are eligible
Informal Categories
- You should have informal business enterprises which be operated by individuals (partnership) or a sole proprietorship.
- If you are in this step, then you must also be a youth within the age bracket of 18 and 35 years.
- Have business/enterprises domiciled and operational in Nigeria.
- Has not been convicted of any financial crime in the last 10 years.
- Has a valid Bank Verification Number (BVN)
- Possess Local Government Indigene Certificate
Formal Categories
- You can also be eligible if you have a formal business enterprises (a youth owned enterprise)
- These are enterprises that are legal entities duly registered with the Corporate Affairs Commission (CAC).
Documents Needed To Be Eligible
- Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
- Business questionnaire;
- List of Directors with BVN nos.;
- Evidence of regulatory approvals (where applicable);
- Tax Identification Number (TIN)
NOTE: Cooperative societies duly registered with the relevant government authorities and members of Commodity Associations that fall within the eligible age bracket are also eligible to participate.
Those Who Are Not Eligible
Applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are NOT eligible to apply.
Beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate
Training
Applicants shall undergo a compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development.
After the training, individual and unregistered businesses can get a maximum of N250,000 while registered businesses could get a maximum of N3 million loan.
Terms Of Loan
The loan will run for a maximum of five years depending on the nature of the business and the assets acquired.
The interest is not more than five per cent. However, a one year moratorium could be given depending on the type of business, before repayment can begin.
While there is no collateral requirement to access the loan, applying for the loan requires that you must submit your Bank Verification Number (BVN).
The promoter, NIRSAL MFB said it will leverage on the General Standing Instruction (GSI) as collateral.
Application Link Here
