N50,000 Grant or Loan Apply Now 2024, Check For Eligibility Criteria & Selection Process
Presidential Conditional Grant Programme: This initiative provides a N50,000 investment grant for your nano enterprise.
The grant is designed to assist nano businesses, including merchants, food service providers, ICT professionals, transportation services, creative individuals like makeup artists and fashion designers, as well as artisans such as vulcanizers, cobblers, painters, and repairers. The objective is to offer these businesses the essential financial support to grow their activities and substantially contribute to the economy.
Presidential Palliative Loan Programme: This initiative offers the opportunity to obtain loans of up to N1 million to assist your MSME or manufacturing enterprise.
The loan aims to offer the essential funds for businesses to expand their activities, employ additional personnel, and enhance their production capability. Consequently, this will result in the creation of employment opportunities and contribute to economic development.
Eligibility Criteria
To qualify for these programs, applicants must meet the following criteria:
- Business Potential: Applicants need to possess a business with growth potential, indicating that the business must have a feasible business structure and a well-defined plan for expansion.
- Employment Creation: Applicants should be prepared to hire at least one extra employee if the company grows. This aligns with the government’s goal of generating more jobs.
- Proof of Residence or Business Address: Applicants must provide proof of residence or business address within their local government area. This ensures that the program’s benefits are spread across different regions of the country.
- Bank Account and BVN: Applicants are required to possess a bank account and a Bank Verification Number (BVN) in order to expedite the distribution of the grant or loan.
- Application Deadline: The application deadline must be met by applicants to guarantee a fair and transparent process.
Application Process
Interested applicants can apply through the official website, fedgrantandloan.gov.ng. The procedure involves clicking on “Apply for Grant” or “Apply for Loan” based on your interest and following the instructions to complete the application form.
The application process is straightforward and user-friendly, making it easy for all eligible businesses to apply.