“Apply Now": FG Releases Application Link For Presidential Grants, Loans For Businesses, Others

“Apply Now": FG Releases Application Link For Presidential Grants, Loans For Businesses, Others

  • The federal government has released an application portal for nano businesses to apply for its N150 billion presidential grant programme
  • Eligible businesses are asked to apply for loans and grants using the link in the portal
  • The grant targets vulcanizers, makeup artists, wheelbarrow pushers, petty traders, and dry cleaners, among others

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Nigerian government has opened an application portal for its presidential conditional grant for nano businesses under the presidential palliative programme.

The initiative offers a grant of N50,000 per beneficiary to support one million small businesses in all the 774 local government areas in the country.

NANO businesses, Grants, loans
President Bola Tinubu and minister of industry, trade and investment, Doris Uzok-Anite Credit: State House
Source: Facebook

FG sets criteria for loan and grant eligibility

The federal government will partner with state governments, ministers, NASMEs, senators, and rep members, using specific selection criteria to shortlist beneficiaries.

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It is understood that 70% of the grant will be given to women and youth-owned businesses, 10% to people with disabilities, 5% to senior citizens, and the remaining 15% allocated to other groups.

In a previous report by Legit.ng, the minister of industry, trade and investment, Doris Uzok-Anite, revealed that the Nigerian government aims to release about N150 billion for nano businesses and the manufacturing sector.

Vanguard reported that the minister said the scheme consists of the presidential conditional grant programme and the presidential palliative loan programme targeted at SMEs, MSMEs, and other businesses.

The statement said:

“In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas.”

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“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 for identity verification.”

Targeted groups for the scheme

The sectors targeted by the scheme include traders, food services, business centre operators, battery chargers, recharge card sellers, and call centre operators.

Others include wheelbarrow pushers, independent dispatch riders, makeup artists, fashion designers, dry cleaners, vulcanizers, shoemakers, and painters.

Eligible businesses should apply using this link.

FG releases N135.4 billion NG-CARES funds to 36 states to share with Nigerians

Earlier, Legit.ng reported that the Nigerian government disbursed about N135 billion to the 36 states in the country and the Federal Capital Territory Abuja, following the second Independent Assessment of the outcome reached under the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) plan.

The World Bank-assisted initiative is a performance-for-results programme with a significant budget of $750 million.

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The national coordinator of NG-CARES, Abdulkarim Obaje, disclosed this in a statement issued by Suleiman Odapu, the information and communications officer at NG-CARES, on Sunday, November 3, 2023, in Abuja.

Source: Legit.ng

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