Criteria for partaking in the NEXIT Loan Training and Accessing the NEXIT Loan Business Financing

Panic erupted following the decission of the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development to kickstart the NEXIT Loan Training with only 75,000 beneficiaries.

Recall that the Ministry stated that out of the 370,000 beneficiaries who successfully registered through the NEXIT Loan Portal, 230,000 beneficiaries successfully loggged in through the USSD code and declared their availability for the training, while 75,000 beneficiaries forms the Batch 1 of the NEXIT Training.

The decision however does not call for tension as the NEXIT Loan Training and Loan disbursement will go round, and as such patience is highly encourage.

In preparation for the loan Training, here are some of the criteria that will be used for the NEXIT Loan Training and NEXIT Loan Disbursement

1. Email or Text Message: To partake in the NEXIT Loan Training, a shortlisted beneficiaries of the NEXIT Loan must show a proof of the Text or Email invitation for the NEXIT Loan Training, before being accepted into the Training hall.

2. Name on List: A participant of the NEXIT Loan Training must have his/her name on the Training list held by the accredited Entrepreneurship Development Institute before being accepted in the NEXIT Loan Training Venue.

Note that the only valid venue for the NEXIT Loan Training is the one you recieved/will receive from the participating EDI and not those published online. The reason for keeping the venue a secret is for your safety and to prevent fraudulent schemes.

Some EDI with functional website have started releasing lists online e.g https://gconsultingisl.com/npower-list-fct for Abuja but the venue is preferably disclosed through text message or Email.

When a beneficiaries finds Name on the List but did not recieve text message or email, kindly locate the venue through your colleagues as early as possible, and wait for the row call.

3. Business Plan: The NEXIT Loan follows the AGSMEIS Loan  pattern. AGSMEIS stands for Agri-Business/Small and Medium Enterprise Investment Scheme.

A viable Business Plan is a major criterion for accessing the AGSMEIS Loan and such is applicable for accessing the NEXIT Loan.

Here is a sample of the NEXIT Loan Business Plan. Download it here https://gconsultingisl.com/wp-content/uploads/2022/03/N-Power-Business-Plan.pdf and draft what your business plan for the NEXIT Loan financing is all about. Note that it must be viable to win.

4. No Collateral: Npower NEXIT Loan just as AGSMEIS soft Loan does not require a collateral. But it is a Loan which must be repaid, and not a grant.

It is basically tied to a beneficiary's BVN at 5% interest rate per annum till next year, with one year moratorium and up to 5 years duration.

What will happen if a beneficiary of the loan refuses pay back the loan? Wait for our next update!

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