The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them to build businesses that will increase the employment rate.
The NYIF loan aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years with single-digit interest rate of 5%.
Disbursement will be through various channels, which will include microfinance, finance firms, and deposit money banks regulated by the Central Bank of Nigeria and supported by the Bank of Industry.
Start or grow your own business with the help of a government-backed loan and free business support. A great alternative for individuals looking for business loans to fund their business.