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All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM

Dayo Adetiloye Business Hub

 

All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM

All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM

All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM

 NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM PRODUCT NAME CBN N75 BILLION NIGERIA YOUTH INVESTMENT FUND (NYIF)
BUSINESS UNIT CREDIT HQ
DATE OCTOBER 2020
PRODUCT CODE CBN-NYIF
PRODUCT DESCRIPTION This product is designed to improve access to finance for youth and youth-owned enterprises for National development
TARGET MARKET The fund is targeted to financially empower Nigeria youth to generate at least 500,000 jobs in the country between 2020 to 2023
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 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 & International passport)

❖ Automated two years bank statement analysis.

 

GLOBAL LIMIT ₦12.5 billion
FACILITY TYPE Term Loan
SINGLE OBLIGOR LIMIT Individual / Non-registered Businesses: Up to ₦250,000.00

Registered Businesses( Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Up to ₦3,000,000.00

LOAN TENOR Maximum of 5 years
MORATORIUM Maximum of 12 months
SECURITY FEATURES  

❖ Execution of letter set – off (required to activate the Global Standing Instruction [GSI])

 

❖ Execution of Offer Letter

❖ Execution of letter of domiciliation of sales proceed where applicable

❖ Credit Life & Asset Insurance (* Asset, In case of equipment purchase) Insurance noting NMFB as first loss payee

 

❖ Registration immovable and movable asset on National collateral registry (NCR)

 

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 Directors

❖ Provision of Tax Identification Number (TIN)

 

INFORMAL BUSINESS ENTERPRISES (INDIVIDUAL & SOLE PRORIETORS)

❖ Must be a Nigerian youth within the age bracket of 18 to 35 years of age

❖ Have an operational business /enterprise domiciled in Nigeria (Note: Those with unregistered business can also apply)

❖ Has not been convicted of any financial crime 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

 

ELIGIBLE ACTIVITIES/ BUSINESSES  

❖ Technology/ Innovation

❖ Agriculture and related value chain

❖ Green Economy and Renewable energy sector

❖ Manufacturing

❖ Hospitality/ Tourism

❖ Construction

❖ Logistics and supply chain

❖ Healthcare value chain

❖ Creative sector

❖ Trading and Services

❖ Others as may be determined by FMYSD/CBN from time to time

All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM

All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM

TERMS & CONDITIONS

  • Acquired immovable and movable collateral options shall be registered under the National Collateral Registry (NCR)
  • Insurance must be in place
  • Execution of Offer Letter
  • Execution of GSI Mandate
  • Forfeiture Undertaking and Power of Attorney agreement to be signed by customer, giving NMFB rights to take over pledged assets in instance of loan default.
  • Loan amount must match loan repayment and loan purpose.

PRICING

  • 5% p.a (All inclusive)

REPAYMENT STRUCTURE

Repayment would be on instalment basis in line with businesses and NMFB credit evaluation

 

To register click Here

https://nyif.nmfb.com.ng/

 

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Dayo Adetiloye Business Hub
Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
- Provide bespoke management and business planning consultancy
- To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
- To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

- Engender national prosperity by contributing to the creation of at least 100 new businesses every year
- Become a go-to brand for outstanding business development services for MSMEs
- Strategic partnership with local and international organization to empower start-ups
- Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness
Dayo Adetiloye Business Hub
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  1. Pingback: Nigeria Youth Investment Fund: How to apply and Access up to N3million Credit Facility with 5% Interest rate for 5 years - Youth Entrepreneurship
    October 14, 2020

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