Presidential Conditional Grant And Palliative Programme For SMEs
By Ted Iwere
The Federal Government of Nigeria has announced the kickoff of the Presidential Conditional Grant to Nano Businesses as part of the Presidential Palliative Programme.
The government is offering grants of N50,000.00 per beneficiary to support one million nano businesses across the 774 local government areas.
The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
The Target Sectors for the Scheme:
Below are the businesses that are eligible to apply to the scheme
- Traders: These include single retail marketers, corner shop owners, petty traders, market men and women in open markets
- Food Services: These include food and vegetable Vendors
- ICT: These include business centre operators, battery chargers, recharge card vendors, call centre agents
- Transportation: These include wheelbarrow pushers, independent dispatch riders
- Creatives: These include makeup artists, fashion designers, and dry cleaners.
- Artisans: These include vulcanizers, shoemakers, painters, and repairers.
- Activities: The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
Loan Eligibility Criteria
-
Loan up to 1M
- A) Eligibility Criteria
- Existing business must be in operation for one (1) year,
- Start-ups must be registered business
- Provide CAC business registration documents.
- Company’s Bank Statement(s) for one (1) year (for existing business)/ Chief Promoter’s (Director or Business owner) Bank Statement(s) for one (1) year (for startups).
- Have required monthly turnover and other things as may be requested by the bank.
- B) Security
- Personal Guarantee of the promoter
- Acceptance of BVN Covenant (Global Standing Instruction- GSI), and any other thing that may be required by the bank
- C) Repayment Frequency
- Monthly equal instalment (no moratorium) over 3 years
- A) Eligibility Criteria
Manufacturers up to N1billion (Working Capital or Asset Financing)
- A) Eligibility Criteria
- At least 6 months of business/ corporate banking relationship
- Provide CAC business registration documents
- 12 months’ bank statements for other bank
- Other documentation that may be required by the bank.
- B) Security
- As may be required by the bank
-
- C) Repayment term:
- ii) Asset Financing
- 6 Months moratorium on principal and interest, 5 years repayment period for asset financing only
- ii) Working Capital Financing
- 12 months equal instalment of principal and interest
- ii) Asset Financing
- C) Repayment term:
How To Apply
To apply for this programme, click the link below:
For Loans click here
For grants, click here
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