The Federal Government of Nigeria proudly launches the 2023 Presidential Conditional Loan Scheme. This initiative is a significant step in the Presidential Palliative Program, aimed at bolstering businesses across Nigeria, including small businesses.
It’s more than just a financial aid program; it’s a transformative move towards economic empowerment, revolutionizing the way financial support is provided to the business sector.
The Presidential Palliative Loan/Grant
Key Features
- Transparency and Efficiency: Our commitment lies in ensuring a transparent and efficient process. We guarantee swift fund disbursement to eligible and deserving businesses, maintaining complete integrity throughout the procedure.
- Embrace Digital Transformation: Utilizing state-of-the-art technology, our platform is designed for easy access via smartphones and computers. This digital leap allows SMEs to apply conveniently from any location, breaking geographical barriers.
- Empowering through Financial Literacy: Recognizing the crucial role of financial education, we provide extensive resources and training. Our goal is to equip SMEs with the necessary skills for effective fund management, fostering long-term financial stability and growth.
This scheme represents a cornerstone in our efforts to support and revitalize the Nigerian business landscape. Apply now to be a part of this transformative journey towards economic success.
The Target Business Sectors for the Scheme
Here’s a comprehensive list of eligible businesses that can apply:
- Traders: This category includes small-scale retailers such as single retail marketers, corner shop owners, and petty traders. Market men and women operating in open markets also fall under this sector.
- Food Services: The scheme extends to those in the food sector, specifically vendors of food items and vegetables.
- Information and Communication Technology (ICT): If you’re a business centre operator, a battery charger, a recharge card vendor, or a call centre agent, you’re eligible to apply.
- Transportation Sector: Individuals like wheelbarrow pushers and independent dispatch riders are included in this category, offering support to the grassroots level of the transport industry.
- Creative Industries: The scheme recognizes the creative sector, encompassing professionals like makeup artists, fashion designers, and drycleaners.
- Artisans: This is a broad category that includes skilled workers like vulcanizers, shoemakers, painters, and various repair service providers.
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How to Apply for The Presidential Palliative Loan/Grant
Visit FG Loan Application to begin.
Application Steps:
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- Sign up with basic details.
- Enter business information and required documentation.
- Provide details about business leadership (Directors).
- Explain how the loan will benefit your business.
For comprehensive information, visit the FG Loan Information Portal.
Application Deadline: Apply by 31st December 2023.
Frequently Asked Questions
How to Access the Loan?
Start your application at FG Loan Portal. Eligibility assessment and disbursement are handled by your bank.
What are the Loan Terms?
MSMEs and Manufacturers have different terms. MSMEs receive a 36-month term, while Manufacturers get 12 months for working capital and 60 months for asset financing, with a six-month moratorium.
What is the interest rate of the loan?
A competitive 9% annual interest rate
Is there a Moratorium Period:
Manufacturers opting for asset financing benefit from a six-month moratorium.
What if I can’t pay back the loan?
Legal actions will be initiated by the bank to recover unpaid loans.
Can I apply with a partner company?
Applicants must own a registered business as a Sole Proprietorship, Partnership, or Limited Liability Company.
Is there an age limit to application?
Yes, Applicants or company promoters must be at least 18 years old.
How long will it take from when I apply to when I get the loan?
Typically, the process takes about 2 weeks, depending on your bank.
Can I apply with different companies?
Applications from different companies by the same individual will be disqualified.
What are the repayment Structure?
Expect equal, consecutive monthly repayments of principal and interest throughout the loan term.
How do I Check the status of my application?
Check your application status by logging into your profile. For further updates, contact your bank post-application forwarding.
Can I reapply if my application is rejected?
In case of rejection due to minor issues, reapplication may be possible with additional information.