How to Apply for Presidential Conditional Loan – fedgrantandloan.gov.ng. Struggling to grow your business in Nigeria? The Federal Government’s Presidential Conditional Loan and Grant Scheme offers accessible loans and grants to empower businesses like yours! Discover eligibility, application process, and key benefits to unlock your financial potential.
The Federal Government of Nigeria has launched a game-changer for entrepreneurs: the Presidential Conditional Loan and Grant Scheme. This initiative injects financial power into various sectors, empowering Nano businesses and beyond. Whether you’re a trader, food vendor, techie, artisan, or creative, this scheme could be your launchpad to success.
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About The Presidential Conditional Grant Scheme (PCGS)
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.
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Who can apply for the Presidential Conditional Loan?
This scheme welcomes a diverse range of business owners:
- Traders: From retail marketers to market vendors, this scheme extends a helping hand to the backbone of Nigeria’s commercial landscape.
- Food Services: Food vendors and vegetable sellers can access financial resources to expand their reach and offerings.
- ICT: Business centre operators, recharge card vendors, and call centre agents can leverage the scheme to scale their digital businesses.
- Transportation: Wheelbarrow pushers and independent dispatch riders can invest in equipment or expand their services.
- Creatives: Makeup artists, fashion designers, and dry cleaners can receive the financial boost needed to bring their creative visions to life.
- Artisans: Vulcanizers, shoemakers, painters, and repairers can access funds to upgrade tools and enhance their craftsmanship.
Loan eligibility and features:
The scheme offers two loan categories with distinct eligibility criteria and features:
Loan up to N1 million:
- Eligibility: Existing businesses must operate for at least a year, while startups need registration and specific financial documents.
- Security: Personal guarantee and BVN Covenant acceptance.
- Repayment: Monthly instalments over 3 years.
Loan up to N1 billion (for manufacturers):
- Eligibility: At least 6 months of business banking relationship and required documentation.
- Security: As required by the bank.
- Repayment term: Varies for asset and working capital financing.
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Key features that set this scheme apart:
- Transparent and Efficient: Quick disbursement ensures deserving businesses receive timely support.
- Digital Transformation: Easy online application through the official website, www.fedgrantandloan.gov.ng, making the process accessible even for those without computer access.
- Financial Literacy: The scheme provides resources and training to equip businesses with effective fund management skills.
How to Apply for Presidential Conditional Loan -fedgrantandloan.gov.ng:
The application process for the Presidential Conditional Loan for Nano Businesses across Nigeria is simple:
- Visit the official website, https://fedgrantandloan.gov.ng. Interested candidates can also visit https://grant.fedgrantandloan.gov.ng/apply to apply for the Presidential Conditional Grant Scheme (PCGS).
- Submit your application, ensuring all required documents are attached.
- Upon meeting eligibility criteria, funds are disbursed through your bank account.
Application Deadline: 18th December, 2023.
NOTE: The Federal Government has enjoined all the eligible beneficiaries who meet all the selection criteria to reach out to their representatives for shortlisting.
Qualification Check:
The website clearly outlines the eligibility criteria for each loan category. Ensure your business meets all requirements before applying.
Loan Terms:
- Repayment: 36 months for MSMEs, 12 months for working capital, and 60 months for asset financing with a 6-month moratorium for the latter.
- Interest Rate: 9% per annum.
- Age Limit: Applicants must be 18 years or older.
- Processing Time: Typically 2 weeks, depending on the bank.
Repayment.
- Repayment: Monthly principal and interest payments.
- Application Status: Monitor your profile and follow up with your bank if needed.
- Reapplication: Possible in case of minor issues in the initial application.
Conclusion: Presidential Conditional Loan.
The Presidential Conditional Loan & Grant Scheme offers a significant opportunity for Nigerian businesses to thrive. With its inclusive criteria, transparent process, and diverse sector coverage, this initiative has the potential to empower countless entrepreneurs and fuel economic growth. Take advantage of this remarkable opportunity and unlock your business potential!
