The federal government plans to give N50,000 to Nano businesses across all 774 local government areas in an effort to lessen the impact of the removal of subsidies on small businesses. This program, which is a part of the Presidential Palliative Program Grant, is meant to help businesses that have been negatively impacted by adjustments to subsidies, such as manufacturers, SMEs, and MSMEs.
The Federal Government is certain that these initiatives will stimulate job creation and entrepreneurship as part of its mission to support financial empowerment, economic development, and entrepreneurship.
The Federal Government will work with the State Governments, House of Representative Members, Senators, Honorable Ministers, and NASME (Nigerian Association of Small and Medium Enterprises) to shortlist the beneficiaries from their constituents using the Federal Government’s selection criteria below.
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The target beneficiaries are divided as follows: 15% goes to other demographics, 10% are for individuals with disabilities, 5% are senior citizens, and 70% are women and young people.
Key Timelines
- N50b Grants for Nano Businesses (3 Months)
Start Date: 10th Oct 2023
Duration: 6 weeks planning, 3 weeks official communication, 6 weeks verification, continuous fund disbursement from 12th Dec 2023.
- N75b Loans: MSMEs and Manufacturers
Start Date: 10th Oct 2023
Duration: 6 weeks planning, continuous call to entry, revolving fund disbursement from 5th Dec 2023, repayments starting 5th June 2024.
Presidential Palliative Program Grant and Loan Application Procedure
Interested and Eligible applicants must be ready to provide the following on the official website
- A proof of residential/business address in their local government area
- A relevant personal and bank account information
- Bank Verification Number (BVN) for verification of identity
How To Apply
To apply for the Presidential Palliative Program Grant and Loan, visit fedgrantandloan.gov.ng and fill out the application form correctly. Ensure that all the information you provide are accurate to avoid automatic disqualification.
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