Are you looking for the Difference Between NYIF And Survival Fund Scheme? If yes, please carefully read through this post because you’re at the right place.
- What is Nigerian Youth Investment Fund (NYIF)?
- Whats is MSME Survival Fund?
- Is NYIF and Survival Fund Real?
- How can I Apply for NYIF?
- How Can I Register for Survival Fund?
These are the questions we have received so far from applicants who wants to Apply for Nigerian Youth Investment Fund (NYIF) and MSME Survival Fund.
If you have been looking for the Answers to the questions above, worry no more because we have the Answers to all the questions here.
First, we will start by explaining what NYIF and Survival Fund is all about and how you can Apply/Register for each of these scheme.
What is Nigerian Youth Investment Fund (NYIF)?
Nigerian Youth Investment Fund, NYIF is a federal government initiative that is created to boost the Nigerian economy through leverage and access to finance for youths.
Who Qualifies for NYIF?
NYIF is meant to cater to the investment needs of individual between the ages of 18-35. Don’t forget, individuals and groups can apply for the NYIF loan.
NYIF Loan Range
The Loan whose aim is to meet 500, 000 youths from 2020-2023 will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.
How to Access NYIF Loan
- Potential beneficiaries are expected to have a fundable business idea.
- Registered business
- Must be a citizen of Nigeria
- Present recognised means of identification and guarantors.
- Also, the Ministry of Youth and Sports claim that the safeguards built around some specifics being crafted around the fund will ensure that potential beneficiaries do not need to know anyone or be “connected” to access the fund.
It would be disbursed through various channels like Micro Credit Organisations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.
What is Survival Fund Program?
The MSME Survival Fund is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard Jobs in the MSMEs sector.
The scheme is estimated to save not less than 1.3million jobs across the country and specifically impact on over 35,000 individuals per state.
MSME Survival Fund Features
- Payroll Support: Support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months
- Formalisation Support: provide free CAC Business Name registration for 250,000 new businesses
- General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each
- Artisan/Transport Support: provide 333,000 artisans and transport business operators with a N30,000 operations grant to reduce the effects of income loss
- Guaranteed Offtake Scheme: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood
The scheme targets two categories of beneficiaries namely; employees of MSMEs and Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.
MSME Survival Fund Requirements
The benefiting companies to meet the following criteria:
- Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission, CAC
- Must have BVN by company CEO
- Must have a staff strength of no less than 3 persons
- Must be owned by a Nigerian
Self-employed Individuals in the following categories
- Service providers in the transportation sector, le. Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics
- Artisans, Electricians Plumbers etc.
How to Apply for MSME Survival Fund
Interested and eligible Nigerians who wants to Apply for MSME Survival Fund should visit: www.survivalfund.ng
- The NYIF is a loan for Nigerian youths age 18 to 35 while the Survival fund is grant to MSME.
- The National Youth Investment Fund (NYIF) and the MSME Survival Fund Scheme are funding programme established by President Buhari Administration.
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