Presidential Conditional Grant Scheme and Palliative Programs For Nigerian Nano and MSMEs Businesses
Presidential Conditional Grant Scheme and Palliative Program – The Federal Government of Nigeria has announced the commencement of the Presidential Conditional Loan and Grant Scheme to Businesses in Nigeria (including Nano businesses) as part of the Presidential Palliative Program. The initiative is aimed at empowering businesses and cushioning the effect of fuel subsidy removal on different categories of businesses around the country.
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Target Sectors for the Grant
To ensure that the program yields the desired result, the Presidential Conditional Grant Scheme and Palliative Programs are open to several businesses under different sectors some of which include;
- Traders
- Transportation
- Food Services
- ICT
- Creatives and
- Artisans
Key Timelines:
- 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.
How do I access the 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.
What is the interest rate of the loan?
The loan interest is a single-digit interest of 9% per annum.
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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.
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How to Apply for Presidential Conditional Grant Scheme and Palliative Programs
To submit your application form now, visit https://www.fedgrantandloan.gov.ng/ before the application closing date.
