The Presidential Palliative Loan and the Presidential Conditional Grant would begin to be disbursed to enterprises, according to the Federal Government.
This was announced in a press release on Sunday by Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment.
According to Uzoka-Anite, two initiatives are intended to lessen the effects on Nigerians of the elimination of fuel subsidies.
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The minister announced that the government will provide N50,000.00 in grants to nanobusinesses in each of the nation’s 774 local government areas as part of the Presidential Conditional Grant Programme.
The minister added that those who qualify can apply and obtain additional information at the program’s website.
The statement reads: “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000.00 to nano businesses across the 774 local government areas in the country.
“The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, will collaborate with State and Local Governments, Federal Legislators, Federal Ministers, Banks and other Stakeholders.
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“The eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area and provide relevant personal and bank account information, including Bank Verification Number, BVN, for identity verification.”
The minister added that N75 billion will be given by the government to Micro, Small, and Medium-sized Enterprises (MSMEs) in a variety of industries, and an additional N75 billion to manufacturers especially, as part of the Presidential Palliative Loan Programme.
According to her, applicants would need to satisfy the risk assessment requirements of their individual banks in order to have access to the facility through their banks.
The statement added, “The Federal Government will likewise disburse N75 billion to micro, small, and medium-sized enterprises and MSMEs across various sectors and N75 billion specifically to manufacturers.
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“The loan shall be administered to the beneficiaries at a single-digit interest rate of 9 percent per annum.
“While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.
“MSMEs and manufacturers can apply for the loans by submitting their application on the portal provided for the programme.
“The facility would be accessed through their banks, and applicants would be required to meet the risk assessment criteria of their respective banks.
“As part of its commitment to promote economic development, entrepreneurship and financial empowerment, the Federal Government believes these initiatives will encourage entrepreneurship and job creation.”
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