The FG’s presidential grant and loan are the resent opportunities Nigerians can benefit from as we go into the new year.
The Federal Government has announced the initiation of two vital programmes aimed at mitigating the effects of the fuel subsidy removal.
The Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme are set to make a significant impact on businesses in Nigeria.
How to Qualify
What are the eligibility requirements for each of these programs? Let’s take a look
Requirements for Presidential Conditional Grant
For nano businesses spread across the 774 local government areas in Nigeria, the Federal Government is offering a grant of N50,000.
To qualify, businesses must provide proof of residence or business address within their respective local government areas.
Additionally, applicants need to furnish relevant personal and bank account information, including the Bank Verification Number for identity verification.
Presidential Palliative Loan
Under this programme, Micro, Small, and Medium-sized Enterprises (MSMEs) and Manufacturers are eligible to apply.
MSMEs can access loans up to N1 million with a repayment period of three years, while manufacturers can access up to N1 billion.
The loan has a favorable interest rate of 9 percent per annum. For MSMEs, the repayment period for working capital is three years, while manufacturers have up to five years for machinery and equipment or one year for working capital.
How to Apply
To access these programmes, interested parties need to apply through the official portals provided for each programme.
For the Presidential Conditional Grant Programme, eligible businesses can apply via Here.
Similarly, for the Presidential Palliative Loan Programme, applications can be submitted through the designated portal.
Applicants will be required to meet the risk assessment criteria of their respective banks, as the facilities will be accessed through these financial institutions.
Conclusion
The Federal Government, in its commitment to fostering economic development and financial empowerment, is striving to boost entrepreneurship and job creation through these initiatives.
By leveraging these programmes, businesses across various sectors can benefit from grants and loans aimed at supporting their growth and sustainability.
For more detailed information and to apply for these opportunities, interested parties can visit the official website for the programmes.
This step-by-step guide aims to assist eligible businesses and individuals in navigating the application process seamlessly.
