What you will stand to benefit in this article will amaze you. So I have come to understand that you can get a loan from the Presidential Grant and Loan Scheme successfully if only you apply through the right source.
Again, this loan is for only those who need it, although, anybody can apply for it.
Even if you wish to apply, this guide will be helpful if you are unfamiliar with the Presidential Grant and Loan Scheme.
Upon your desire to apply, we will provide you with information on how to do so successfully. I also don’t want to make jokes about the website for the Presidential Grant and Loan Scheme. Because you can only access the application through the website www.fedgrantandloan.gov.ng, this website is crucial.
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Kindly note that Nigerian business owners, including those engaged in nanotechnology, are eligible to apply for the Presidential Grant and Loan Program as part of the Presidential Palliative Program.
Because the scheme places a strong emphasis on efficiency and transparency, which ensures that funds are awarded to deserving companies promptly, SMEs can apply from anywhere in the world. Furthermore, the program utilizes cutting-edge technology to facilitate the application process on computers and smartphones and provides resources and training to give SMEs the know-how they need to manage their finances responsibly.
Presidential Grant and Loan Program Details:
The Presidential Grant and Loan Program is targeted to Nano businesses, MSMEs, and Manufacturers across 774 Local Governments in Nigeria.
The loan will be repaid as follows:
- Three years is the MSMEs’ repayment period.
- Repayment of working capital is for a year.
- The purchase of machinery and equipment has a five-year repayment period.
Eligibility Requirements for the Presidential Grant and Loan Program
Below are the businesses that are eligible to apply to the Presidential Grant and Loan Program:
- Traders include men and women who work at open-air markets, corner store owners, small-time vendors, and independent retail marketers.
- Food service providers include those who supply fruits and vegetables.
- ICT includes things like call center agents, rechargeable card suppliers, business center operators, and battery chargers.
- Fashion designers, makeup artists, and dry cleaners are examples of creatives.
- Artists include painters, restorers, cobblers, and makeup artists.
Benefits of the Presidential Grant and Loan Program
For Loan
- A maximum of N1 million per beneficiary will be awarded out of 75 billion to businesses.
- A maximum of N1 billion per beneficiary will receive N75 billion from manufacturers.
For Grant
- A one-time grant of N50,000 to businesses
Required Documents for Presidential Grant and Loan Program
Candidates should have the following documents ready to apply:
- Evidence of residency or business
- The bank’s risk assessment criteria apply to personal or bank details related to business application requirements.
