Apply for Presidential Conditional Grant and Loan  Scheme 2024

We are thrilled to announce that the Federal Government of Nigeria has released an application portal for its Presidential Conditional Grant for Nano Businesses under the Presidential Palliative Program. This scheme is a beacon of hope for the recovery of small businesses amidst the global COVID-19 pandemic. Its goal is to support and uplift one million nano businesses across the 774 local government areas with a grant of N50,000.00 per beneficiary. Here's all you need to know about this program.

Criteria for Selection 

The Federal Government will use specific selection criteria to shortlist beneficiaries, prioritizing 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% allocated to other demographics. The government will collaborate with State Governments, Honourable Ministers, NASME, Senators, and House of Representative Members to ensure that this is a transparent process.

Eligibility 

Nano businesses across the 774 local government areas are eligible to apply, providing proof of their residential/business address. To participate, the eligible beneficiaries must provide relevant personal and bank account information, including Bank Verification Number, to facilitate the verification process.

Target Sectors for the Scheme The following businesses are eligible to apply and benefit from this scheme:

1. Traders: Single retail marketers, corner shop owners, petty traders, and market men and women in open markets
2. Food Services: Food and vegetable vendors
3. ICT: Business center operators, battery chargers, recharge card vendors, and call center agents
4. Transportation: Wheelbarrow pushers and independent dispatch riders
5. Creatives: Makeup artists, fashion designers, and dry cleaners
6. Artisans: Vulcanizers, shoemakers, painters, and repairers

Key Timelines The scheme will offer N50b Grants for Nano Businesses for a period of 3 months, starting on the 10th of October, 2023. This will be preceded by 6 weeks of planning, 3 weeks of official communication, 6 weeks of verification, and continuous fund disbursement from 12th December, 2023. The scheme will also offer N75b Loans to MSMEs and Manufacturers, which will last for a period of 6 weeks planning followed by a continuous call to entry. Revolving fund disbursement will take place from 5th December, 2023, and repayments will start on 5th June, 2024.

In conclusion, this initiative is a step in the right direction for the recovery and upliftment of nano businesses in Nigeria. It promotes transparency, inclusiveness, and economic growth, which are key pillars for the development of any society. 

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