Grants
How to Apply for the Presidential Palliative Loan Scheme 2023 – Get Up To N1 Million-N1 Billion
The Federal Government of Nigeria under the supervision of the Federal Ministry of Industry, Trade and Investment, is rolling out two outstanding initiatives – the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
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The Federal Government of Nigeria is delighted to announce the kickoff of the Presidential Conditional Grant to Nano Businesses as part of the Presidential Palliative Program.
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.
How to Apply for the Presidential Palliative Loan Scheme 2023
- Proceed to https://loan.fedgrantandloan.gov.ng/auth/loan-register
- Create an Account: Sign up with the your basic details
- Business Information: Enter your business information with the necessary documentation
- Directors: Provide information about your business leadership
- Loan Information: Provide information about what the loan will help your business with
Frequently Asked Questions
How do I access the loan?
Apply for the loan through the provided website www.fedgrantandloan.gov.ng while disbursement will be done by your bank if you meet the eligibility criteria.
How will I know if I qualify?
The criteria are provided on the website www.fedgrantandloan.gov.ng
What are the terms of the loan?
The loan term is 24 months for MSMEs and Manufacturers (Working capital), 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.
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.
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.
When is the deadline for the submission of applications?
The deadline for application submission is 6/12/2023.
