APPLY NOW: 2024-2025 N50,000 Federal Govt Grants, Loan Program For Nano Business.

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APPLY NOW: 2024-2025 N50,000 Federal Govt Grants, Loan Program For Nano Business

Table of Contents

SCOPE

The national government recently introduced two plans aimed at lessening the impact of removing fuel subsidies: the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.

Dr. Doris Uzoka-Anite, CFA, the Minister for Industry, Trade, and Investment, revealed this development. Under the grant initiative, a sum of ₦50 million will be distributed to micro-businesses in each of the 774 local government areas. The Federal Ministry of Industry, Trade, and Investment, in collaboration with SMEDAN and various entities, will work together at federal, state, and local levels to execute this.

DETAILS

Moving on to the Presidential Palliative Loan Programme, N75 billion will be disbursed to Micro, Small, and Medium-sized Enterprises (MSMEs) and another N75 billion specifically for manufacturers. The loan, offered at a 9% annual interest rate, aims to support working capital and machinery purchases.

MSMEs can access up to N1 million with a three-year repayment period, while manufacturers can obtain up to N1 billion for working capital (repayable in 1 year) or machinery and equipment (repayable in 5 years). The government, committed to fostering economic development and financial empowerment, anticipates these measures will stimulate entrepreneurship and job creation.

GRANT SUMMARY:

GRANT BENEFITS AND DURATION.

Benefits of the Presidential Grant and Loan Program

For Loan

75 Billion to Businesses with up to N1 million for each beneficiary.
75 Billion to Manufacturers with up to N1billion for each beneficiary

For Grant

A one-time grant of N50,000 to businesses

REQUIRED DOCUMENTS

Documents Needed for Presidential Grant and Loan Program Application. To submit your application, you must be prepared to provide the following paperwork:

Evidence of where you live or conduct your business
Your personal or business banking information
The application process is influenced by the bank’s evaluation standards for risk.

CHECK THE OFFICIAL WEBPAGE FOR MORE.

COURSES OFFERED:

Nill

CHECK THE OFFICIAL WEBPAGE FOR MORE.

ELIGIBILITY REQUIREMENTS:

Businesses eligible for the Presidential Grant and Loan Program encompass a diverse range of sectors:

Merchants: This category comprises individual retail sellers, proprietors of small convenience stores, small-scale traders, and individuals involved in selling goods in open markets.

Food Industry: This category covers businesses engaged in selling food and vegetables, such as street food vendors and vegetable vendors.

Information and Communication Technology (ICT): This category includes operators of business centers, individuals offering battery charging services, vendors of recharge cards, and call center agents.

Creative Industry: This sector consists of professionals such as makeup artists, fashion designers, and dry cleaners.

Artisans: This group encompasses skilled individuals like vulcanizers, shoemakers, painters, and repair technicians.

These diverse businesses have the opportunity to apply for support through the Presidential Grant and Loan Program, providing financial assistance tailored to their specific needs.