Victor Ezeja
AdminAs a way of alleviating the impact of the fuel subsidy removal, the Federal Government of Nigeria through the Federal Ministry of Industry, Trade and Investment, has rolled out two initiatives; the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
According to a statement issued at the weekend by the minister of Industry, Trade and Investment, Dr Nkiruka Uzoka-Anite, the grant programme will disburse a grant sum of N50 million to nano businesses across the 774 local government areas.
Join our WhatsApp ChannelShoemakers, make-up artists and other artisans are among the eligible target sectors for the latest economic empowerment loan. Such nano businesses will receive N50,000 grant, while MSMEs and manufacturers will access loans up to N1 million and N1 billion respectively.
The target beneficiaries are 70 per cent women and youth, 10 per cent people with disabilities, and 5 per cent senior citizens, while the remaining 15 per cent is distributed to other demographics.
Who Can Apply?
Businesses that fall into the six categories below can apply.
1. Traders (retail marketers, petty traders, corner shop owners)
2. Food services (food and vegetable vendors)
3. ICT (battery chargers, call centre agents)
4. Transportation (wheel-barrow pushers, independent dispatch riders)
5. Creatives (makeup artists, fashion designers and dry cleaners)
6. Artisans (vulcanizers, shoemakers, painters, repairers).
Grant Eligibility Criteria
1. Own a nano business.
2. Operate a business with progressive economic potential, and desire to grow the business.
3. Be willing to engage at least one additional staff member if turnover increases
4. Be willing to provide proof of residential/business address in the Local Government Area
Provide relevant personal and bank account information, including Bank Verification
(BVN) for verification of identity
5. Meet the application submission deadline.
Eligible applicants should visit the website fedgrantandloan.gov.ng and click ‘apply for grant.’
Eligible nano business beneficiaries should:
- Be willing to provide proof of residential/business address in their local government area, and
- Provide relevant personal and bank account information, including Bank Verification Number (BVN) for verification of identity.
Eligible beneficiaries can click on this link http://apply at https://www.fedgrantandloan.gov.ng. for more information.
Presidential Palliative Loan Programme for MSMEs
The Presidential Palliative Loan Programme will likewise disburse N75 billion to Micro, Small and Medium-sized Enterprises across various sectors and N75 billion specifically to manufacturers.
The loan shall be administered to the beneficiaries at a single-digit interest rate of 9% per annum.
While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.
How to apply
MSMEs and manufacturers can apply for the loans by submitting their application on the portal provided for the Programme at https://www.fedgrantandloan.gov.ng.
The facility would be accessed through their banks, and applicants would be required to meet the risk assessment criteria of their respective banks.
As part of its commitment to promote economic development, entrepreneurship and financial empowerment, the Federal Government is optimistic that these initiatives will encourage entrepreneurship and job creation.
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