Presidential Palliative Programmes Loan Application Form and Eligibility

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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 Loan Application Form and Eligibility

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.

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