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.
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.
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.
9% per annum.
There is a six-month moratorium period for Manufacturers applying for asset financing only.
The bank will apply all legal measures to recover the loan from the borrower.
Applicant must have a registered business either as a Sole proprietorship, Partnership, or a Limited liability company
Yes, applicants/promoters of the company have to be 18 years and above.
This is dependent on your bank; however, it is typically expected to take 2 weeks.
No, multiple applications will be disqualified.
Equal and consecutive monthly repayment of principal and interest for the tenor of the loan.
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.
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.
Interested and qualified persons should visit https://loan.fedgrantandloan.gov.ng/auth/loan-register to apply.
Loan Application Steps
The deadline for Presidential Conditional Scheme is Monday, 18th December, 2023.
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