Presidential Palliative Loan Scheme 2023/2024 for Nigerians
The Federal Government of Nigeria is delighted to announce the kickoff of the Presidential Conditional Loan Scheme to Businesses in Nigeria (including Nano businesses) as part of the Presidential Palliative Program.
A Game-changer in Economic Empowerment. Revolutionising financial support.
The Presidential Palliative Loan Scheme
Key Features
- Transparent and Efficient: We prioritise transparency and efficiency, ensuring that funds are disbursed swiftly to deserving businesses.
- Digital Transformation: The platform leverages cutting-edge technology to make the entire process accessible through smartphones and computers, allowing SMEs to apply from anywhere.
- Financial Literacy: We understand the importance of financial education. Therefore, our platform provides resources and training to empower SMEs with the knowledge to manage their funds effectively.
The Target Sectors for the Scheme
Below are the businesses that are eligible to apply for the palliative loan:
- 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.
Frequently Asked Questions
How do I access the loan?
Apply for the loan through the provided website https://loan.fedgrantandloan.gov.ng/ 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 12 months, while Manufacturers (Asset financing) have 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 Limited liability company
Is there an age limit to the 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
Interested and qualified persons should visit https://loan.fedgrantandloan.gov.ng/auth/loan-register to apply.
Loan Application Steps
- Sign up with 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
For more information, visit https://loan.fedgrantandloan.gov.ng/
Application Deadline: 31st December 2023.
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