Fedgrantandloan Gov Ng: Presidential Conditional Grant, Loan Scheme Portal. Learn how to apply for the Presidential Conditional Grant, Loan Scheme and Palliative program for financial growth online via fedgrantandloan.gov.ng website.
The Federal Government of Nigeria is delighted to announce the kickoff of the Presidential Conditional Loan and Grant Scheme to Businesses in Nigeria (including Nano businesses) as part of the Presidential Palliative Program.
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Overview: Fedgrantandloan Gov Ng: Presidential Conditional Grant, Loan Scheme.
The Presidential Conditional Grant for Nano Businesses under the Presidential Palliative Program is a scheme that offers a grant of N50,000.00 per beneficiary, aiming to support one million nano businesses across the 774 local government areas.
The Federal government will collaborate with State Governments, Honourable Ministers, NASME, Senators, and House of Representative Members and will use specific selection criteria to shortlist beneficiaries, prioritizing 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% allocated to other demographics.
The program consists of the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme targeted at manufacturers, SMEs, MSMEs, and businesses.
Presidential Conditional Grant Scheme (PCGS).
The Federal Government of Nigeria is delighted to announce the kickoff of the Presidential Conditional Grant to Nano Businesses as part of the Presidential Palliative Program.
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.
Presidential Palliative Programmes Transforming businesses, improving lives.
Revolutionizing Financial Support Introducing The Presidential Palliative Programmes – A Game-Changer in Economic Empowerment.
Key Features of the Fedgrantandloan Gov Ng Loan:
- Transparent and Efficient: We prioritise transparency and efficiency, ensuring that funds are disbursed swiftly to deserving businesses.
- Digital Transformation: The platform leverages cutting-edge technology to make the entire process accessible through smartphones and computers, allowing SMEs to apply from anywhere.
- Financial Literacy: We understand the importance of financial education. Therefore, our platform provides resources and training to empower SMEs with the knowledge to manage their funds effectively.
Target Sectors for the Fedgrantandloan Gov Ng: Presidential Conditional Grant, Loan Scheme.
Below are the businesses that are eligible to apply for the scheme
- Traders: These include single retail marketers, corner shop owners, petty traders, market men and women in open markets
- Food Services: These include food and vegetable Vendors
- ICT: These include business centre operators, battery chargers, recharge card vendors, call centre agents
- Transportation: These include wheelbarrow pushers, independent dispatch riders
- Creatives: These include makeup artists, fashion designers, and dry cleaners.
- Artisans: These include vulcanizers, shoemakers, painters, and repairers.
How to Apply for Presidential Conditional Grant, Loan Scheme.
Interested candidates should apply for the loan through the provided website https://www.fedgrantandloan.gov.ng while disbursement will be done by your bank if you meet the eligibility criteria.
- For Grant: Go to https://grant.fedgrantandloan.gov.ng/
- For Loan: Go to https://loan.fedgrantandloan.gov.ng
How to Know If You’re Selected as a Beneficiary.
Eligible beneficiaries who meet all the selection criteria are enjoined to reach out to their representatives for shortlisting.
Visit the shortlisted portal to search for your name at https://grant.fedgrantandloan.gov.ng/learn-more/disbursement.
Frequently Asked Questions.
FAQs for Grant (Presidential Conditional Grant Scheme (PCGS)):
What is a ‘nano business’?
A nano business is a very small-scale business entity, often operated by a single individual or a small team, and typically characterized by its limited size and scope. A Nano business has an asset value of value <1m and less than 4 employees with an annual turnover of <1m.
What is a Bank Verification Number (BVN), and why is it needed for identity verification?
The Bank Verification Number (BVN) is an 11-digit biometric identifier introduced by the Central Bank of Nigeria for customers. It enhances security, reduces fraud, and streamlines financial services by providing a standardised means of verifying and authenticating individual identities.
BVN links multiple bank accounts, aids in compliance with regulatory policies, and is used beyond banking for identity verification in various services.
BVN provides a unique identity for each beneficiary.
Do I need to have a registered business name to qualify for this opportunity?
No, The beneficiary is expected to register thereafter
When is the deadline for applying for this opportunity?
18th December, 2023
What documents do I need to provide as proof of my residential/business address in the Local Government Area?
Submit the business/Residential address with the closest landmark
What personal and bank account information is required for this application?
Account number, Account Name and BVN
What does it mean to have a business with ‘progressive economic potential’?
A business that can create jobs and increase wages
FAQs For Loan:
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.
How will I know if I qualify?
The criteria are provided on the website www.fedgrantandloan.gov.ng
What are the terms of the loan?
The loan term is 36 months for MSMEs and Manufacturers (Working capital) is 12 months, while Manufacturers (Asset financing) have a 60-month tenor with a six-month moratorium.
What is the interest rate of the loan?
9% per annum.
Is there a moratorium period?
There is a six-month moratorium period for Manufacturers applying for asset financing only.
What if I can’t pay back the loan?
The bank will apply all legal measures to recover the loan from the borrower.
Can I apply with a partner company?
Applicant must have a registered business either as a Sole proprietorship, Partnership, or Limited liability company
Is there an age limit to the application?
Yes, applicants/promoters of the company have to be 18 years and above.
How long will it take from when I apply to when I get the loan?
This is dependent on your bank; however, it is typically expected to take 2 weeks.
Can I apply with different companies?
No, multiple applications will be disqualified.
What are the repayment terms?
Equal and consecutive monthly repayment of principal and interest for the tenor of the loan.
How do I know the status of my application?
You can check the status of your application by logging into your profile. Once your application has been forwarded to your bank for processing, you should follow up with your bank for updates.
Can I reapply if my application is rejected?
You may be able to reapply if the reason for the rejection is a minor issue. You will be notified of the rejection and advised to provide additional information.
When is the deadline for the submission of applications?
The deadline for application submission is 31/12/2023.