The Ministry of Youth and Sports Development has disbursed loans totaling N1.63 billion to 5,200 youth.
The latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disburses the loans, revealed this. The update also stated that it is ready to disburse funds to another batch of 25,000 youths as soon as their loan applications are approved.
The Ministry also informs beneficiaries and applicants that the funds distributed to youths by the Nigeria Youth Investment Fund (NYIF) are not grants, but rather repayable loans..
The Federal Ministry of Youth and Sports Development, on the other hand, revealed the reasons why some applicants’ loans might not be approved.
The following are some of the reasons why some applicants were not pre-qualified for loan disbursement:
- Applicant did not provide valid or correct phone number for communications on further steps in the loan application.
- The applicant failed to provide a valid or correct phone number for communication regarding the next steps in the loan application.
- The applicant already has an AGSMEIS or COVID-19 loan.
- The applicant is over the age of 35, putting them beyond the age range for youths.
- Applicant has a bad credit history or a non-performing loan.
- The applicant did not provide a valid BVN.
- The applicant supplied an incomplete or incorrect BVN.
As a financial adviser, you must obtain a high-quality business plan or proposal in order to maximize the use of the disbursed loan and establish a proper loan repayment schedule. Here are some advantages of obtaining a high-quality business plan/proposal for the Covid-19 loan.
It will provide you with insight into all aspects of the business you are conducting with the loan.
It enables the business owners to have a strategic focus on their brands and tailoring of their products and services to meet their target market enables business owners to have a strategic focus on their brands and tailor their products and services to meet the needs of their target markets.
It enables business owners to prioritize tasks by strategically allocating time, effort, and resources.
It enables business owners to evaluate and improve performance on a regular basis.
It encourages accountability and is result-oriented in nature.
Having a good quality business plan allows you to manage the cash flow of the business efficiently and effectively.
You can begin by calling or sending a WhatsApp message to 09057306576 or submit all the information concerning your new business plan/proposal directly to a writer through this Get Started link and WhatsApp us and WhatsApp us and WhatsApp us. Our professional writers will attend to your business needs.
