Presidential Palliative Loan – Closing Date & How to Register – The Federal Government of Nigeria has finally kick off an application portal for its Presidential Conditional Grant for Nano Businesses under the Presidential Palliative Program. The scheme offers a grant of N50,000.00 per beneficiary, aiming to support one million nano businesses across the 774 local government areas.
What is the requirement for presidential palliative Loan
- Own a nano business.
- Operate a business with progressive economic potential, and desire to grow the business.
- Be willing to engage at least one additional staff member if turnover increases
- Be willing to provide proof of residential/business address in the Local Government Area
- Provide relevant personal and bank account information, including Bank Verification
- (BVN) for verification of identity
- Meet application submission deadline
How do I access the loan?
Apply for the loan through the provided website https://loan.fedgrantandloan.gov.ng/ while disbursement will be done by your bank if you meet the eligibility criteria.
What are the terms of the loan?
The loan term is 36 months for MSMEs and Manufacturers (Working capital) is 12months, while Manufacturers (Asset financing) has a 60-month tenor with a six-month moratorium.
What is the interest rate of the loan?
9% per annum.
Is there a moratorium period?
There is a six-month moratorium period for Manufacturers applying for asset financing only.
What if I can’t pay back the loan?
The bank will apply all legal measures to recover the loan from the borrower.
Can I apply with a partner company?
Applicant must have a registered business either as a Sole proprietorship, Partnership, or a Limited liability company
Is there an age limit to application?
Yes, applicants/promoters of the company have to be 18 years and above.
How long will it take from when I apply to when I get the loan?
This is dependent on your bank; however, it is typically expected to take 2 weeks.
Can I apply with different companies?
No, multiple applications will be disqualified.
What are the repayment terms?
Equal and consecutive monthly repayment of principal and interest for the tenor of the loan.
How do I know the status of my application?
You can check the status of your application by logging into your profile. Once your application has been forwarded to your bank for processing, you should follow up with your bank for updates.
Can I reapply if my application is rejected?
You may be able to reapply if the reason for the rejection is a minor issue. You will be notified of the rejection and advised to provide additional information.
How to Apply For Presidential Palliative Loan
Interested and qualified persons should visit https://loan.fedgrantandloan.gov.ng/auth/loan-register to apply.
Loan Application Steps
- Sign up with the your basic details
- Enter your business information with the necessary documentation
- Provide information about your business leadership (Directors)
- Provide information about what the loan will help your business with
Closing date for Presidential Conditional Grant Scheme 2023/2024
The deadline for Presidential Conditional Loan 2023/2024 is Monday, 18th December, 2023.