Apply: 2023 Federal Government Palliative Program - Loan

Apply: 2023 Federal Government Palliative Program – Loan

About Federal Government Loan

2023 Federal Government Palliative Program

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

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Job Title: Federal Government Loan

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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

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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

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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.

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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.

Apply for…