FG Commences Offering Grants and Loan to Nano Businesses, MSMEs, and Manufacturers

FG Commences Offering Grants and Loans to Nano Businesses, MSMEs, and Manufacturers

The Federal Government has introduced two crucial programs aimed at alleviating the repercussions of the fuel subsidy removal, unveiling the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.

As disclosed in a statement by Dr. Doris Uzoka-Anite, CFA, the Minister for Industry, Trade, and Investment, the grant initiative will distribute a total grant sum of N50 million to nano businesses spanning the 774 local government areas. The Federal Ministry of Industry, Trade and Investment, in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), will partner with state and local governments, federal legislators, ministers, banks, and other stakeholders to facilitate this program.

Eligibility Criteria for Nano Businesses:

  • Willingness to provide proof of residential/business address in their local government area.
  • Submission of relevant personal and bank account information, including the Bank Verification Number (BVN) for identity verification.

In addition, the Presidential Palliative Loan Programme is set to disburse N75 billion to Micro, Small, and Medium-sized Enterprises (MSMEs) across diverse sectors and another N75 billion specifically earmarked for manufacturers. Beneficiaries will enjoy a single-digit interest rate of 9% per annum.

Loan Details:

  • MSMEs can access loans up to N1 million with a three-year repayment period.
  • Manufacturers can secure up to N1 billion for working capital with a one-year repayment period or five years for the purchase of machinery and equipment.

Application Process:
MSMEs and manufacturers interested in availing themselves of these loans can submit their applications on the official program portal: https://www.fedgrantandloan.gov.ng. The facility will be accessible through their respective banks, and applicants are required to meet the risk assessment criteria set by their banks.

In line with its commitment to fostering economic development, entrepreneurship, and financial empowerment, the Federal Government believes these initiatives will stimulate entrepreneurship and job creation.

For additional information, please visit the official website for the programs: https://www.fedgrantandloan.gov.ng.

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