It's a loan
NYIF is a subsidised loan, not a free grant — you must repay it. That's the key difference from the grants in our grants guide.
Moratorium, tenor, rate
NYIF loans typically feature a moratorium (a grace period before repayment starts), a defined tenor (repayment period — working-capital facilities have been about a year, larger facilities longer), and a low, subsidised interest rate cheaper than commercial loans. Exact terms vary by facility and window — confirm the current terms.
How you repay
Repayments are made through the disbursing bank (historically NMFB) per your loan schedule. Keep to the schedule and keep records.
Why not to default
Defaulting damages your credit record and can bar you from future government facilities — and it hurts the fund's ability to help other youths. Repay on time.
Borrow carefully
Only borrow what your plan can repay. Match your amount to realistic cash flow.
Tips
- Remember it's a loan, not free money.
- Confirm current tenor and rate.
- Don't default — protect your record.