Presidential Palliative Programmes
Transforming businesses, improving lives.
Revolutionizing Financial Support
Introducing The Presidential Palliative Programmes -
A Game-Changer in Economic Empowerment.
Application Portal: https://loan.fedgrantandloan.gov.ng/
Registration Form: https://loan.fedgrantandloan.gov.ng/auth/loan-register
Presidential
Palliative Programmes Application Procedure
1.
Create an Account
Sign
up with the your basic details
2.
Business Information
Enter
your business information with the necessary documentation
3.
Directors
Provide
information about your business leadership
4.
Loan Information
Provide
information about what the loan will help your business with
5.
Preview
View
and cross-check the information you supplied and submit your application
Presidential Palliative Programmes Target Sectors
Below are the businesses that are eligible to apply to the scheme
Traders
These include single retail marketers, corner
shop owners, petty traders, market men and women in open markets
Food
Services
These include food, fruits and vegetable
vendors, etc
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, drycleaners.
Artisans
These include vulcanizers, shoemakers,
painters, repairers.
Presidential Palliative Programmes Loan Eligibility Criteria
1. Loan up to 1M
o A) Eligibility Criteria
·
Existing business
must be in operation for one (1) year,
·
Start-ups must be
a registered business
·
Provide CAC
business registration documents.
·
Company’s Bank
Statement(s) for a period of one (1) year (for existing business)/ Chief
Promoter’s (Director or Business owner) Bank Statement(s) for a period of
one (1) year (for startups).
·
Have required
monthly turnover and other things as may be requested by the bank.
o B) Security
·
Personal
Guarantee of the promoter
·
Acceptance of BVN
Covenant (Global Standing Instruction- GSI), and any other thing that may be
required by the bank
o C) Repayment Frequency
·
Monthly equal
installment (no moratorium) over a period of 3 years
2. Manufacturers up to N1billion (Working Capital
or Asset Financing)
o A) Eligibility Criteria
·
At least 6months
business/ corporate banking relationship
·
Provide CAC
business registration documents
·
12 months bank
statement for other bank
·
Other
documentations that may be required by the bank.
o B) Security
·
As may be
required by the bank
o C) Repayment term:
·
i) Asset
Financing
·
6 Months
moratorium on principal and interest, 5 years repayment period for asset
financing only
·
ii) Working
Capital Financing
·
12months equal
installment of principal and interest
Presidential Palliative Programmes 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 36
months for MSMEs and Manufacturers (Working capital) is 12 months, while
Manufacturers (Asset financing) has a 60-month tenor with a six-month
moratorium.
What if I don’t meet the criteria? Will I be
considered?
No
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.
Apply Now for Presidential Palliative Programmes
Eligible
applications who meet the selection criteria will be shortlisted.
- >> CLICK HERETO APPLY ONLINE
