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Presidential Conditional Grant, Loan Scheme, and Palliative Program for All Nigerians

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The Federal Government of Nigeria proudly introduces the launch of the Presidential Conditional Loan and Grant Scheme aimed at supporting businesses across Nigeria, including Nano enterprises, as an integral part of the Presidential Palliative Program—a monumental initiative in driving economic empowerment.

Overview of FG Grant:

This grant is dedicated to Nano Businesses within the scope of the Presidential Palliative Program.

Details of the Scheme:

The grant amount is set at N50,000.00 (Fifty Thousand Naira) per beneficiary, with the objective of reaching one million nano businesses spanning the 774 local government areas.

The Federal Government, in collaboration with State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representatives Members, will employ the Federal Government’s selection criteria listed below to shortlist beneficiaries from their respective constituencies.

Target beneficiaries: 70% women and youth, 10% individuals with disabilities, 5% senior citizens, and the remaining 15% allocated to other demographics.

Loan Details:

Eligible Sectors for the Scheme:

1. Traders: Single retail marketers, corner shop owners, petty traders, market men and women in open markets.
2. Food Services: Vendors of food, fruits, and vegetables, etc.
3. ICT: Business center operators, battery chargers, recharge card vendors, call center agents.

4. Transportation: Wheelbarrow pushers, independent dispatch riders.
5. Creatives: Makeup artists, fashion designers, dry cleaners.
6. Artisans: Vulcanizers, shoemakers, painters, repairers.

Loan Eligibility Criteria:
Loan up to 1M

A) Eligibility Criteria:

– Existing businesses must have been operational for at least one (1) year.
– Start-ups must be registered businesses.
– Submission of CAC business registration documents.

– Furnishing of the company’s bank statement(s) for a one-year period (for existing businesses) or Chief Promoter’s bank statement(s) for one year (for startups).
– Meeting required monthly turnover and other criteria specified by the bank.

B) Security:

– Personal Guarantee of the promoter.
– Acceptance of BVN Covenant (Global Standing Instruction- GSI), and any other requirements specified by the bank.

C) Repayment Frequency:

– Monthly equal installments (no moratorium) over a period of 3 years.
– Manufacturers eligible for up to N1 billion (Working Capital or Asset Financing).

Manufacturer Eligibility Criteria:

– A minimum of 6 months business/corporate banking relationship.
– Submission of CAC business registration documents.
– 12 months bank statement for other banks.
– Additional documentation as specified by the bank.

D) Security:

– As may be required by the bank.

E) Repayment Term:

i) Asset Financing: 6 Months moratorium on principal and interest, 5 years repayment period for asset financing only.
ii) Working Capital Financing: 12 months equal installment of principal and interest.

 

Application Portal:

Click HERE to visit the official website for the Presidential Conditional Loan and Grant Scheme.

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