How To Apply For N50,000 Federal Govt Grants, Loans For Nano Business The Federal Government of Nigeria under the supervision of the Federal Ministry of Industry, Trade and Investment, is rolling out two initiatives – the Presidential Conditional Grant Programme & the Presidential Palliative Loan Programme.
The minister of Industry, Trade and Investment, Dr Nkiruka Uzoka-Anite said the programmes aim to alleviate the effects of the fuel subsidy removal.
Nano businesses will receive N50,000 grant, while MSMEs and manufacturers will access loans up to N1 million and N1 billion respectively.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
FG sets criteria for loan and grant eligibility
The federal government will partner with state governments, ministers, NASMEs, senators, and rep members, using specific selection criteria to shortlist beneficiaries.
It is understood that 70% of the grant will be given to women and youth-owned businesses, 10% to people with disabilities, 5% to senior citizens, and the remaining 15% allocated to other groups.
In a previous report by Legit.ng, the minister of industry, trade and investment, Doris Uzok-Anite, revealed that the Nigerian government aims to release about N150 billion for nano businesses and the manufacturing sector.
Targeted groups for the scheme
The sectors targeted by the scheme include traders, food services, business centre operators, battery chargers, recharge card sellers, and call centre operators. Others include wheelbarrow pushers, independent dispatch riders, makeup artists, fashion designers, dry cleaners, vulcanizers, shoemakers, and painters. (https://carolinafoothillschamber.com)
Businesses that fall into the six categories below can apply.
1. Traders
2. Food services
3. ICT
4. Transportation
5. Creatives (makeup artists, fashion designers and dry cleaners.)
6. Artisans (vulcanizers, shoemakers, painters, repairers).
Grant Eligibility Criteria
1. Own a nano business.
2. Operate a business with progressive economic potential, and desire to grow the business.
3. Be willing to engage at least one additional staff member if turnover increases
4. Be willing to provide proof of residential/business address in the Local Government Area
Provide relevant personal and bank account information, including Bank Verification
(BVN) for verification of identity
5. Meet the application submission deadline.
Eligible applicants should visit the website fedgrantandloan.gov.ng and click ‘apply for grant.’
