fedgrantandloan.gov.ng | Presidential Conditional grant scheme and palliative programs
Presidential Conditional grant scheme
and palliative programs.
The Federal Government of Nigeria is delighted to announce the kickoff of the Presidential Conditional Grant Scheme to Nano Businesses as part of the Presidential Palliative Program.
About The Presidential Conditional grant scheme
The grant sum is N50,000.00 (Fifty Thousand Naira) per beneficiary, and it is designed to reach one million nano businesses in the 774 local government areas.
The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
ALSO APPLY: Apply For NG-CARES MSMEs Operational Grant
The Target Sectors for the Scheme
Below are the business that are eligible to apply to the scheme
- Traders
These include single retail marketers, corner shop owners, petty traders, market men and women in open markets.
- Food Services
These include food and vegetable Vendors
- ICT
These include business centre operators, battery chargers, recharge card vendors, call centre agents
- Transportation
These include wheelbarrow pushers, independent dispatch riders
- Creatives
These include makeup artists, fashion designers, drycleaners.
- Artisans
These include vulcanizers, shoemakers, painters, repairers.
ALSO APPLY: How to Apply For the Federal Government Iyaloja Non-interest Loan 2023
N50b Grants for Nano Businesses (3 Months)
- Start Date: 10th Oct 2023
- Duration: 6 weeks planning, 3 weeks official communication, 6 weeks verification, continuous fund disbursement from 12th Dec 2023.
N75b Loans: MSMEs and Manufacturers
- Start Date: 10th Oct 2023
- Duration: 6 weeks planning, continuous call to entry, revolving fund disbursement from 5th Dec 2023, repayments starting 5th June 2024.
Loan Eligibility Criteria
Loan up to 1Million Naira
A) Eligibility Criteria
- Existing business must be in operation for one (1) year,
Start-ups must be a registered business - Provide CAC business registration documents.
Company’s Bank Statement(s) for a period of one (1) year (for existing business)/ Chief Promoter’s (Director or Business owner) Bank Statement(s) for a period of one (1) year (for startups). - Have required monthly turnover and other things as may be requested by the bank.
B) Security
- Personal Guarantee of the promoter
- Acceptance of BVN Covenant (Global Standing Instruction- GSI), and any other thing that may be required by the bank
C) Repayment Frequency
- Monthly equal installment (no moratorium) over a period of 3 years
Manufacturers up to N1billion (Working Capital or Asset Financing)
A) Eligibility Criteria
- At least 6months business/ corporate banking relationship
- Provide CAC business registration documents
- 12 months bank statement for other bank
- Other documentations that may be required by the bank.
B) Security
As may be required by the bank
C) Repayment term:
- Asset Financing
6 Months moratorium on principal and interest, 5 years repayment period for asset financing only - Working Capital Financing
12months equal installment of principal and interest
APPLY FOR LOAN HERE: https://loan.fedgrantandloan.gov.ng/
APPLY FOR GRANT HERE: https://grant.fedgrantandloan.gov.ng/
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