Apply for 2023 Federal Government Palliative Program
About Federal Government Loan
The Presidential Palliative Programmes represent a transformative initiative by the federal government aimed at revolutionizing financial support for businesses and individuals, ultimately improving lives and empowering the economy. This program stands as a game-changer in economic empowerment, offering substantial support through loans and aid to businesses and individuals. Its primary goal is to transform businesses, uplift communities, and bring about positive changes in people’s lives by providing financial support and opportunities for economic growth.
Summary
- Company: Federal Government of Nigeria
- Job Title: Federal Government Loan
- Location: Nigeria (All States)
- Benefits: ₦1 million – ₦1 billion
- Deadline: Not Specified
Job Title: Federal Government Loan
The Target Sectors
Below are the business that are eligible to apply to the scheme:
i. Traders
- These include single retail marketers, corner shop owners, petty traders, market men and women in open markets
ii. Food Services
- These include food, fruits and vegetable vendors, etc
iii. ICT
- These include business centre operators, battery chargers, recharge card vendors, call centre agents
iv. Transportation
- These include wheelbarrow pushers, independent dispatch riders
v. Creatives
- These include makeup artists, fashion designers, drycleaners.
vi. Artisans
- These include vulcanizers, shoemakers, painters, repairers.
Loan Eligibility Criteria
1. Loan up to 1M
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.
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
Repayment Frequency
- Monthly equal installment (no moratorium) over a period of 3 years
2. Manufacturers up to N1billion (Working Capital or Asset Financing)
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.
Security
- As may be required by the bank
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
Key Features
- Transparent and Efficient:
We prioritise transparency and efficiency, ensuring that funds are disbursed swiftly to deserving businesses. - Digital Transformation:
The platform leverages cutting-edge technology to make the entire process accessible through smartphones and computers, allowing SMEs to apply from anywhere. - Financial Literacy:
We understand the importance of financial education. Therefore, our platform provides resources and training to empower SMEs with the knowledge to manage their funds effectively.
Additional information
- 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.
- The interest rate of the loan is 9% per annum.
- There is a six-month moratorium period for Manufacturers applying for asset financing only.
- Applicants/promoters of the company have to be 18 years and above.
- Equal and consecutive monthly repayment of principal and interest for the tenor of the loan.
Deadline
Not Specified
Method of Application
(See tips on how to write a professional CV, ATS Compliant CV and a sample cover letter.)
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