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Nigeria Youth Investmemnt Fund Support

FG Disburses Over N165 Million To 239 NYIF Beneficiaries, Here Is How You Can Make The Next Batch

Since the commencement of the Nigeria Youth Investment Fund, the Federal Government has disbursed N165,700,000 loans to 239 NYIF beneficiaries.

In a tweet, it said, “The Nigeria Youth Investment Fund (NYIF), being implemented by Ministry of Youth and Sport, has successfully completed its pilot disbursement of loans totalling N165,700,000 to 239 beneficiaries ahead of the processing of the over three million applications so far received.”

If you applied for the NYIF, but yet to get feedback on your loan application? Don’t worry you can make the list of the second batch as we’ll be telling you what you need to do right.

Partners:

The idea was developed by the minister Sunday Dare and his team. The template was presented before the Federal Executive Council (FEC) in July 2020 in Abuja.

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What To Do If Your Loan Application Was Not Successful read more

WHY Farmers Should Register For NIRSAL Agro Geo-Cooperatives

If you have access to your community and farmers in your locality, here is an untapped income-generating opportunity through the NIRSAL Agro Geo- Cooperatives Formation.

And for the farmers, it’s an opportunity to get access to the Anchor Borrowers Programme or ABP loan.

In one of our publications, we told you how farmers could form a cooperative society to access some certain agric loans from the government usually sponsored by the Central Bank of Nigeria (CBN).

READ ALSO: NIRSAL AGC Loan Repayment Commences in Nasarawa

Here is a great opportunity you don’t want to miss and we will tell you more how to get involved in this noble programme by the NIRSAL.

NIRSAL means Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL Plc), a Non-Bank Financial Institution managed by the CBN.

In this post, we’ll also give you the phone numbers of Project Monitoring Reporting and Remediation Officers across Nigeria. They are simply known as PMROs

But before that, you may want to ask…

What’s the NIRSAL Agro Geo-Cooperatives all about?

It is a programme designed to structure smallholder farmers, farmer leaders and aggregators for them to gain access to finance, training, markets and lots of other financing opportunities to boost their production and income.

Who Can Register for NIRSAL’S Agro Geo Cooperative

The programme is another means of employment and a source of income generation by supporting the productive activities of their self-organized Agro Geo-Cooperatives.

The following people can enrol for the NIRSAL Agro Geo Cooperative for the dry season ABP loan application:

  • Corporate body
  • Youth
  • Existing enterprise
  • Community leader
  • NPower beneficiary
  • Unemployed graduate
  • An active leader in the ADP programme
  • Retired leader and farmer in the ADP programme
  • Active and retired leader and farmer in the USAID markets programme
  • A farmer in the World Bank FADAMA programme
  • An active leader in the farmer in the DFID’s propcom maikarfi programme
  • A farmer in the SASSAKAWA global 2000 programme
  • A farmer in the IFAD value chain development programme
  • Farmer and leader in the World Bank Climate Adaptation and Business Support Programme

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Loan application infomediang

10 Things To Do Before Applying for BOI Loans

Irrespective of your political affiliation, the Bank of Industry loan is opened for everyone. No discrimination. Provided you fulfilled the eligibility requirements.

We’ll share with you some of the things you need to put in place before applying for BOI loan.

Ownership:

Bank of Industry is the oldest and largest Development Financial Institution owned by the Central Bank of Nigeria and the Ministry of Finance.

Below are the key things you need to know before submitting your loan application on BOI portal

  • Who can apply
  • What can be financed
  • Mode of disbursement
  • The amount that can be financed
  • Collateral
  • Bank Guarantee
  • Track record
  • Required documents
  • Evidence of business registration
  • Products

Who can apply

It is very important to know that BOI doesn’t finance individual loan application, that isn’t its mandate.

The mandate of the bank is to finance enterprises or companies that duly registered and have a physical address.

The bank has a way of verifying the authenticity of your business registration, as such you are required to provide the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application.

Collateral requirements

The fact that you can submit an online application doesn’t mean your application won’t be scrutinized.

You WILL have to pledge some assets to secure BOI loan or other forms of security subject to adequate coverage of the loan being provided to you.

The following are also accepted as  collateral to access the bank’s loan:

  • Legal mortgage on a landed property which must be duly registered with a Certificate of Occupancy
  • Debenture on assets of the company
  • Bank Guarantee
  • External Guarantors with Notarized statement of Networth for loans below N10 million.

What can be financed

You have a nice business idea or your business is already established and making significant progress in profit?

While you might be excited about the progress you’ve made so fat, you must also know that the bank is principally set up to finance industrial equipment used in manufacturing.

BOI loan isn’t meant to finance land and building

Mode of disbursement

The bank doesn’t directly fund your account number. It funds the account of your vendors and suppliers of the equipment that the loan application is for.

This is because the loan is designed to help grow the industry in Nigeria so as to create employment opportunities.

The amount that can be financed

BOI’s loan funding to the SME starts from N5 million. Anything below N5 million is provided on the matching fund platform.

The matching fund is operated in collaboration with various state governments and on BOI Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks.

Track record

BOI doesn’t provide a loan to a business that just started operation UNLESS you can convince the bank that you have the required experience with a board that is successful in their chosen field.

Your company must be able to provide evidence of at least three years of successful operation.

Required documents

To access BOI loan, you need to support your application with some documents which will be uploaded on the application portal.

These include:

  • Means of identity
  • CAC registration number
  • Evidence of tax remittance
  • Bank statements etc

Evidence of business registration read more

Loan application process infomedia nigeeria

How To Calculate Loan Interest (E.G 9% Interest Rate), We Just Made It Simple With These 2 Samples!

Most times, people apply for a loan and ask for the date of repayment without understudying the interest rate.

It is very very important to know how to calculate loan interest: 1) to know if it worth it, 2) if the loan would return more profit on investment to cater for the interest rate.

In this post, we’ll show to calculate how much you’d be paying “on top” of your loan whether it’s personal or to boost your business.

Concept of loan:

A loan is the amount of money taken by an individual or organisation to support a business or for personal use on the condition that it will be repaid on a specific date with or without interest.

Types:

  • Interest loan
  • Interest-free loan (non-interest)

Interest loan

You agree to pay a certain charge rate. This is common to financial institutions and money lenders.

They make a profit from the interest rate charged on the loan you take. This could come as either secured or unsecured loan. You are the debtor.

Interest-free loan

Interest-free loans are hard to come by. Governments that want to support SME usually make provision for interest-free to boost small businesses.

When it’s interest-free, it means you only pay the principal (that is the amount borrowed) without additional charges.

This kind of loan isn’t to make a profit-making venture for the lender, but to support the borrower.
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Loan application infomediang

19 Questions Asked By Survival Fund From Employer And Employee

The Federal Government’s Survival Fund is truly the first fairest funding and grants ever in the history of Nigeria.

After meeting all other requirements of the survival fund payroll, employers (CEO) and employees will have to answer some questions before their accounts are credited by the Central Bank.

We’ll share with you some of the questions disbursement committee of the survival fund will ask you either as an employer or an employee before your account is credited.

READ ALSO: #IGotSurvivalFund: Survival Fund Beneficiaries Shared Testimonies

Apart from is one of the KYC measures, it is to also ensure that the right people who really need the support are getting funded.

Objective of payroll support  

The grant is one of the plans of the Economic Sustainability Plan, which is providing financial supporting for Micro, Small and Medium Enterprises (MSME) and other businesses that have been hit by the COVID-19 pandemic.

Some of the programmes under the survival fund include Payroll Support, Guaranteed Offtake and MSME Grant

The most popular among the programmes right now is the payroll, which is a grant to support vulnerable micro and small enterprises in meeting their payroll obligations in order to safeguard jobs within the MSME space from the shock of the Covid-19

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