FG Conditional Loan of N150bn for MSMEs – Apply Now!
The federal government has commenced disbursement inject N150 billion into The sectors targeted by the scheme include traders, food services, business centre operators, battery chargers, recharge card sellers, call centre operators and others.
This is how you can get a Presidential Conditional Loan and Grant Scheme for Businesses in Nigeria (including Nano businesses) as part of the Presidential Palliative Program. The grant targets vulcanizers, makeup artists, wheelbarrow pushers, petty traders, and dry cleaners, among others.
The announcement conveyed that within the Presidential Conditional Grant Programme, the Federal Government will distribute a grant of N50,000 to nano businesses in all 774 local government areas. Nano-business beneficiaries meeting the criteria should be prepared to furnish evidence of their residential or business address within their local government area.
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Additionally, they are required to provide pertinent personal details and bank account information, including the Bank Verification Number, for the purpose of identity verification.
This initiative is a Game-changer in Economic Empowerment. Qualified businesses are encouraged to submit applications for loans and grants through the provided link in the portal. Are you in need of a loan?
Overview of Presidential Palliative Loan Programme
The statement also indicated that a portion of the Presidential Palliative Loan Programme will earmark N75 billion for MSMEs and an additional N75 billion for manufacturers, featuring an annual interest rate of 9%.
The minister said MSMEs can access loan facilities up to N1 million with a three-year repayment period. Additionally, she said manufacturers can obtain an N1 billion financing facility for working capital, with a repayment period of one year or five years for machinery purchase.
Eligible Criteria
Below are the businesses that are eligible to apply for the scheme:
The Federal Government will partner with State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representatives Members. They will employ the Federal Government’s selection criteria outlined below to identify and shortlist beneficiaries from their respective constituents.
The intended beneficiaries consist of 70% women and youth, 10% individuals with disabilities, and 5% senior citizens. The remaining 15% will be allocated to other demographic groups.
- Traders
- Food Services
- ICT
- Transportation
- Creatives
- Artisans
Eligible applications which meet the selection criteria will be shortlisted.
How to Apply for Presidential Conditional Loan
Apply for the loan through the provided website www.fedgrantandloan.gov.ng while disbursement will be done by your bank if you meet the eligibility criteria.
To submit your application, please click on the following link to learn more.