Difference between NYIF and Survival Fund Scheme Loans
Difference between NYIF and Survival Fund Scheme Loans – It is true that NYIF and Survival Fund are grants or loans from Federal Government but they are different. Survival Fund application is already ongoing while NYIF will soon start. This post will guide you more in understanding of the two programmes and the application processes. SEE FULL DETAILS BELOW
NYIF stands for National Youth Investment Fund
MSME Survival Fund Scheme is Micro, Small and Medium Enterprises.
NYIF Loan is a loan instituted mostly for the youths in President Buhari Administration, handled by the Minister of Youths and Sports but financed by the Central Bank of Nigeria (CBN).
Survival Fund Scheme is initiated by Federal Government to assist Traders, Business men and women, private schools, hospitality managements etc. financially, especially during this Coronavirus period.
The NYIF is a loan for Nigeria youth from the age of 18 to 35 while the Survival fund is grant to all MSME.
The 75 billion Naira Nigerian Youth Investment Fund (NYIF) is to serve as a sort of Youth Bank that will fund and support innovative ideas, skills, talents and enterprise of the Nigerian Youth; a loan and credit pathway dedicated to enabling access to credit and soft loans. This is the very first of its kind by any Nigerian government.
Click Here to Get Full Details of NYIF Loan and How to Apply
The MSME Survival Fund scheme 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 103 million jobs across the country and specifically impact on over 35.000 individuals oer state.
The Survival Fund schemes are at the core of the N23 trillion stimulus package (also known as the Nigerian Economic Sustainability Plan, NESP) being implemented by the Buhari administration to help cushion the impact of the COVID19 pandemic with a view to boosting the economy by saving existing Jobs and creating new job opportunities.
If you are yet to apply for Survival Fund Registration Grant, Click Here
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