How To Apply For N50,000 FG Grants and 1m Loans For Businesses

  • 37 views

How To Apply For N50,000 FG Grants and 1m Loans For Businesses

The Federal Government of Nigeria under the supervision of the Federal Ministry of Industry, Trade and Investment, has rolled out two initiatives namely; 

  • The Presidential Conditional Grant Programme and 
  • The Presidential Palliative Loan Programme 

The PCGP is a N50k grant program for Nano businesses in Nigeria. According to the Minister of Industry, Trade, and Investment, Dr. Nkiruka Uzoka-Anite, the programs aim to alleviate the effects of the fuel subsidy removal.

The Presidential Palliative Loan Programme 

Under the presidential Palliative Loan program, eligible MSMEs and manufacturers will be able to apply for and access loans up to N1 million and N1 billion respectively.

Target Beneficiaries 

The target beneficiaries for the loan and grant program are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% will be distributed to other demographics.

Who Can Apply for N1 Million  FG Loan

All Nigerians are eligible to apply for this loan provided they own a business and can pay back the loan. Some key businesses outlined for this loan include;

  1. Traders
  2. Food services
  3. ICT
  4. Transportation
  5. Creatives (makeup artists, fashion designers, and dry cleaners.)
  6. Artisans (vulcanizers, shoemakers, painters, repairers).

Who Can Apply for the N50,000 Grant 

You are eligible to apply for the grant if you meet these requirements;

  1. You own a nano business.
  2. You operate a business with good economic potential and a desire to grow the business.
  3. You are willing to engage at least one additional staff member if turnover increases
  4. You are willing to provide proof of residential/business address in the Local Government Area
  5. You can provide relevant personal and bank account information, including Bank Verification (BVN) for verification of identity
  6. You are willing to submit your application before the deadline.

How To Apply For N50,000 FG Grants and Loans For Nano Business

To apply for the loan or grant, visit https://fedgrantandloan.gov.ng select the appropriate option for your business(grand or loan) then complete the application form. 

Related Tags

You May Also Like