Federal Government Palliative Grants: The Federal Government, in collaboration with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
The grant sum is N50,000.00 (fifty thousand naira) per beneficiary, and it is designed to reach one million nanobusinesses in the 774 local government areas. The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
The target beneficiaries of the Federal Government Palliative Grants are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
The government of Nigeria has acknowledged the critical role that nanobusinesses play in boosting employment and the country’s economy. They have started a program that offers grants and loans totaling N50,000 in order to empower these small businesses. This initiative might be just what you need if you are a nanobusiness owner trying to expand your enterprise.
Federal Government Palliative Grants Eligibility
A) Eligibility Criteria
Existing businesses must be in operation for one (1) year.
Start-ups must be registered business
Provide CAC business registration documents.
Company’s Bank Statement(s) for a period of one (1) year (for existing businesses) or 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.
B) 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
C) Repayment Frequency
Monthly equal installment (no moratorium) over a period of 3 years
Manufacturers up to N1billion (Working Capital or Asset Financing)
A) Eligibility Criteria
At least 6months months of business or corporate banking relationship
Provide CAC business registration documents
12 months bank statement for another bank
Other documentation may be required by the bank.
B) Security
As may be required by the bank
C) Repayment term:
i) Asset Financing
6 Months moratorium on principal and interest, 5 years repayment period for asset financing only
ii) Working Capital Financing
12 months of equal installment of principal and interest
Grant Eligibility Criteria
Own a nano business.
Operate a business with progressive economic potential, and desire to grow the business.
Be willing to engage at least one additional staff member if turnover increases
Be willing to provide proof of residential/business address in the Local Government Area
Provide relevant personal and bank account information, including Bank Verification, (BVN) for verification of identity and National Identification Number (NIN)
How to apply:
The application process for the N50,000 grants and loans is straightforward:
Visit the official website: The application portal is hosted on the website fedgrantandloan.gov.ng.
Click “Apply for Grant.” This will take you to the online application form.
Fill out the form accurately.
Provide all the required information about your business, including its name, location, registration details, financial statements, and growth plans.
Attach supporting documents: These may include copies of your business registration certificate, financial statements, passport photograph, and BVN verification document.
Submit your application: Once you’ve reviewed and confirmed everything is correct, submit your application electronically.
NIN is a major requirement for the Federal Government Grants Scheme
- Grant applicants who have already filled out the form should update their NIN by clicking this link:
- Applications for Grants is now open
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