PRESIDENTIAL CONDITIONAL GRANT, LOAN SCHEME AND PALLIATIVE PROGRAM

 

The Federal Government of Nigeria is delighted to announce the kickoff of the Presidential Conditional Loan and Grant Scheme to Businesses in Nigeria (including Nano businesses) as part of the Presidential Palliative Program.

The Target Sectors

Below are the business that are eligible to apply to the scheme

• Traders
• Food Services
• ICT
• Transportation
• Creatives
• Artisans
  

Loan Eligibility Criteria

   1. Loan up to 1M

A) Eligibility Criteria

• Existing business must be in operation for one (1) year,
• Start-ups must be a registered business
• Provide CAC business registration documents.
• Company’s Bank Statement(s) for a period of one (1) year (for existing business)/ Chief Promoter’s  (Director or Business owner) Bank Statement(s) for a period of 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 installment (no moratorium) over a period of 3 years

   2. Manufacturers up to N1billion (Working Capital or Asset Financing)

 A) Eligibility Criteria

• At least 6months business/ corporate banking relationship
• Provide CAC business registration documents
•  12 months bank statement for other bank
•  Other documentations that may be required by the bank.

B) Security

• As may be required by the bank

C) Repayment term:

 

i) Asset Financing

• 6 Months moratorium on principal and interest, 5 years repayment period for asset financing only

ii) Working Capital Financing

• 12months equal installment of principal and interest

CLICK HERE TO APPLY!

 

 Or

 

Visit: https://loan.fedgrantandloan.gov.ng to apply.

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IKE DECK Team.

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