Apply now for the Presidential Palliative Loan And Grants programme. The deadline for the presidential palliative grant application has been extended to December 31, 2023.
About the presidential palliative programme
In a bid to foster economic empowerment and support businesses in Nigeria, the Federal Government has officially launched the Presidential Palliative Loan Scheme. This initiative, part of the broader Presidential Palliative Program, aims to provide conditional loans to businesses, including nano businesses, acting as a significant game-changer in economic empowerment and revolutionizing financial support.
Key Features of the Presidential Palliative Loan and Grants Scheme:
- Transparent and Efficient: The scheme prioritizes transparency and efficiency, ensuring that funds are swiftly disbursed to deserving businesses, fostering a seamless process.
- Digital Transformation: Leveraging cutting-edge technology, the platform makes the entire application process accessible through smartphones and computers, enabling Small and Medium-sized Enterprises (SMEs) to apply from anywhere in the country.
- Financial Literacy: Recognizing the importance of financial education, the platform provides resources and training to empower SMEs with the knowledge necessary for effective fund management.
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Eligible Business Sectors for the Federal Government Grants Scheme:
The Presidential Palliative Loan Scheme is open to a variety of sectors, including:
- Traders: Single retail marketers, corner shop owners, petty traders, and market men and women in open markets.
- Food Services: Food and vegetable vendors.
- ICT: Business center operators, battery chargers, recharge card vendors, and call center agents.
- Transportation: Wheelbarrow pushers and independent dispatch riders.
- Creatives: Makeup artists, fashion designers, and dry cleaners.
- Artisans: Vulcanizers, shoemakers, painters, and repairers.
How to access the presidential palliative loan and Grants.Â
Interested parties can apply for the loan through the official website here. Disbursement will be handled by the respective banks if the eligibility criteria are met.
Loan Terms: The loan term is 36 months for MSMEs and 12 months for working capital, while manufacturers applying for asset financing have a 60-month tenor with a six-month moratorium.
Interest Rate: The interest rate for the loan is set at 9% per annum.
Moratorium Period: There is a six-month moratorium period for manufacturers applying for asset financing.
Repayment Terms: Equal and consecutive monthly repayment of principal and interest for the loan’s tenor.
Application Status: Applicants can check the status of their application by logging into their profiles. Further updates will be provided by the respective banks.
Reapplication: Reapplication may be possible if the rejection is due to a minor issue, with applicants notified of the rejection and advised on additional information.
How to Apply for the presidential palliative programme.Â
Interested and qualified individuals can apply by visiting https:/loan.fedgrantandloan.gov.ng.  Apply Here and following the outlined steps, which include signing up, providing business information, details about business leadership, and specifying how the loan will benefit the business.
Application Deadline for the presidential palliative grant application : 31st December 2023.
About The Presidential Conditional Grant Scheme (PCGS)
Each beneficiary under the Presidential Palliative Loan Scheme will receive a grant sum of N50,000.00 (Fifty Thousand Naira). This initiative is strategically designed to benefit one million nano businesses spread across the 774 local government areas in Nigeria. To ensure a widespread impact, the Federal Government will collaborate with various stakeholders, including State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members.
To identify suitable beneficiaries, these collaborating entities will employ the Federal Government’s specified selection criteria. This includes targeting 70% women and youth, 10% individuals with disabilities, and 5% senior citizens. The remaining 15% will be allocated to other demographics, ensuring a balanced distribution of the palliative loans among diverse groups. This strategic approach aims to foster inclusivity and address the specific needs of various segments within the population.
How to apply for the Presidential Conditional Grant Scheme (PCGS).
Visit the Presidential palliative Support Grants Portal via https://grant.fedgrantandloan.gov.ng/apply
For more detailed information, applicants are encouraged to visit the official website. The Federal Government anticipates that this scheme will contribute significantly to the growth and sustainability of businesses across Nigeria.
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