“With applications
for the Presidential Conditional Grant Scheme now closed, we are excited to
move forward with the loan disbursement process for the MSME and Manufacturing
sectors, aimed at boosting economic growth and industrial development.
“This fund is strategically divided, dedicating 75 Billion
Naira to MSMEs and another 75 Billion to the manufacturing sector.
“We are pleased to report that the initial disbursement to
nano businesses has been met with success, and we are well on our way to
supporting 1 million nano businesses throughout the country.
“Thousands of
beneficiaries have already confirmed receipt with many more to come.
“We invite eligible enterprises to join this transformative
initiative. To apply, please visit our official application portal at
www.fedgrantandloan.gov.ng.
“Additionally, applicants seeking more detailed information
should visit their local state Bank of Industry branch.”
CRITERIA FOR MSME LOANS UP TO N1M
ELIGIBILITY CRITERIA
- Must
be an existing business in operation for at least one year, or a
registered start-up.
- Provide
CAC business registration documents.
- Present
the company’s bank statement for existing businesses or the chief
promoter’s bank statement for start-ups.
- Fulfil
the required monthly turnover and comply with other requirements as
specified by the bank.
SECURITY
- Provide
a personal guarantee of the promoter.
- Agree
to bank verification number (BVN) covenant.
- Adhere
to global standing instruction (GSI) and other securities as required by
the bank.
REPAYMENT FREQUENCY
Monthly equal instalments with no moratorium, spanning a
3-year term.
CRITERIA FOR MANUFACTURER LOANS UP TO N1B
- Choose
between working capital or asset financing.
- Maintain
at least a 6-month business/corporate banking relationship.
- Provide
additional documentation as required by the bank.
- Asset
financing comes with a 5-year repayment period, and working capital
financing includes a 6-month moratorium on principal and interest,
followed by a 12-month equal instalment repayment plan.
On April 16, FG commenced the
disbursement process for the presidential conditional grant scheme to verified
applicants.
President Bola Tinubu launched the scheme on October 17, 2023, to cushion the
effects of the removal of petrol subsidy and other economic shocks.
