The Nigerian Federal Government is pleased to declare the commencement of the Presidential Conditional Loan and Grant Scheme for businesses in Nigeria, including nano businesses, as a pivotal component of the Presidential Palliative Program—a transformative initiative in economic empowerment.
The loan term is 36 months for MSMEs and for Manufacturers (Working capital) is 12 months, while Manufacturers (Asset financing) have a 60-month tenor with a six-month moratorium.
You can check the status of your application by logging into your profile. Once your application has been forwarded to your bank for processing, you should follow up with your bank for updates.
You may be able to reapply if the reason for the rejection is a minor issue. You will be notified of the rejection and advised to provide additional information.
Applicant must have a registered business either as a Sole proprietorship, Partnership, or a Limited liability company.
Yes, applicants/promoters of the company have to be 18 years and above.
The Target Sectors for the Loan Scheme
Below are the businesses that are eligible to apply for the loan scheme
The sectors targeted by the scheme include:
- food services,
- business centre operators,
- battery chargers,
- recharge card sellers, and call centre operators.
- wheelbarrow pushers,
- independent dispatch riders,
- makeup artists,
- fashion designers,
- dry cleaners,
In partnership with State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, the Federal Government will engage in collaborative efforts. These stakeholders will employ the Federal Government’s selection criteria outlined below to carefully identify and shortlist beneficiaries from their respective constituencies.
The primary focus is to allocate 70% of the benefits to women and youth, 10% to individuals with disabilities, and 5% to senior citizens. The remaining 15% will be distributed among other demographic groups.
Also Read: ₦2,500,000 Nirsal Non-Interest Loan Begins!
How to Apply for Presidential Palliative 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.
Create an Account
Sign up with your basic detail
Enter your business information with the necessary documentation
Provide information about your business leadership
Provide information about what the loan will help your business with.
Eligible businesses should apply using the link.
Note: Eligible applications who meet the selection criteria will be shortlisted.
The deadline for application submission is 31/12/2023.