FG Disburses N150 Billion Presidential Palliative Loan for MSME: Apply Now!

The Nigerian Federal Government has recently launched the Presidential Conditional Loan and Grant Scheme as part of the Presidential Palliative Program. This initiative aims to empower businesses in Nigeria, including nano businesses, by providing them with access to loans and grants.

The loan term for MSMEs is 36 months, while manufacturers have a 12-month working capital tenor and a 60-month asset financing tenor with a six-month moratorium. To be eligible for the loan, applicants must have a registered business as a Sole proprietorship, Partnership, or a Limited liability company. Additionally, applicants/promoters of the company must be 18 years and above.

The Target Sectors for the Loan Scheme

The loan scheme is aimed at providing financial assistance to small businesses in various sectors. Eligible businesses include traders, food services, business centre operators, battery chargers, recharge card sellers, and call centre operators. Other eligible businesses are wheelbarrow pushers, independent dispatch riders, makeup artists, fashion designers, dry cleaners, vulcanizers, shoemakers, and painters.

Initiatives:

The Federal Government of Nigeria, in collaboration with State Governments, Honourable Ministers, NASME, Senators, and House of Representative Members, will prioritize the allocation of benefits to specific demographic groups. The selection criteria will be used to identify and shortlist beneficiaries from their respective constituencies. The focus is on allocating 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. This initiative aims to support and empower underrepresented groups in the country.

How to Apply for Presidential Palliative Loan

Create an Account

To apply for the Presidential Palliative Loan, visit the official website at www.fedgrantandloan.gov.ng and sign up with your basic details. Once you have created an account, you will be able to access the loan application form.

Business Information

Provide your business information along with the necessary documentation. This includes your business name, registration number, and other relevant details. You will also need to provide documentation such as your business plan, financial statements, and tax returns.

Directors

Provide information about your business leadership, including the names and contact information of your directors. You will also need to provide documentation such as the CVs of your directors and their professional qualifications.

Loan Information

Provide information about what the loan will help your business with. This includes the amount of money you are requesting, the purpose of the loan, and how you plan to use the funds. You will also need to provide documentation such as your business plan and financial projections.

By following these steps, you can apply for the Presidential Palliative Loan and receive the financial assistance your business needs to thrive.

Eligible Businesses Should Apply Using the Link

Businesses that meet the selection criteria and want to apply for the program should use the link provided. The deadline for submission is December 31, 2023.