Direct Link to Apply for FG Palliative Grant N50,000 & Loan for Nano Businesses

The Direct Link to Apply for FG Palliative Grant N50,000 & Loan for Nano Businesses can be accessed below.

GoldenNewsNg will not just provide the direct link to apply for the  FG Palliative Grant but will also give detailed guide on Application, Eligibility and Disbursement process. 

In a substantial move to stimulate economic growth and alleviate the impact of fuel subsidy removal, the Nigerian government has launched the Presidential Conditional Grant Programme. This program targets nano-businesses, the smallest category of micro, small, and medium-sized enterprises (MSMEs), across the country’s 774 local government areas (LGAs).

FG Palliative Grant Program Objectives:

The Presidential Conditional Grant Programme aims to achieve the following objectives:

1. Promote Financial Inclusion: By providing direct cash grants to nano-businesses, the program aims to bring these enterprises into the formal financial system, enabling them to access further financial opportunities.
2. Empower Micro-Entrepreneurs: The grants will empower nano-business owners to expand their operations, increase their income, and create employment opportunities within their communities.
3. Stimulate Economic Activity: By supporting the growth of nano-businesses, the program aims to stimulate economic activity at the grassroots level, contributing to overall economic growth and poverty reduction.

Eligibility Criteria:

To be eligible for the Presidential Conditional Grant Programme, nano-businesses must meet the following criteria:

1. Business Registration: The business must be registered with the appropriate authorities, such as the local government or the Corporate Affairs Commission (CAC).
2. Business Location: The business must be located within the local government area (LGA) where the grant is being applied for.
3. Business Ownership: The business must be owned and operated by Nigerian citizens.
4. Bank Account: The business owner must have a valid bank account with a Bank Verification Number (BVN).

FG Palliative Grant Amount and Disbursement:

Each eligible nano-business will receive a one-time grant of N50,000. The disbursement of grants will be conducted through a transparent and accountable process, ensuring that the funds reach the intended beneficiaries.

Impact of the Program: The Presidential Conditional Grant Programme is expected to have a significant positive impact on the Nigerian economy. By empowering nano-businesses, the program will contribute to:

1. Job Creation: The growth of nano-businesses will lead to the creation of new employment opportunities, particularly among the youth and women.
2. Poverty Reduction: Increased income levels among nano-business owners will contribute to poverty reduction at the household level.
3. Economic Diversification: The program will encourage entrepreneurship and diversification of economic activities, reducing reliance on a limited number of sectors.

FG Palliative Grant Application Procedure:

• Application Portal: To be announced soon.
• Registration: Create an account on the portal by providing your personal information, including your name, contact details, and BVN.
• Business Details: Enter your business information, including business name, registration number, business type, and location.
• Supporting Documents: Upload scanned copies of your business registration documents, bank statement, and any other relevant supporting documents.
• Submission: Review your application thoroughly for accuracy and completeness. Once satisfied, submit the application electronically.

Application Review and Selection:

• Screening: The government will screen applications based on the eligibility criteria and the information provided.
• Verification: Selected applicants may be subjected to further verification, including physical site visits to their businesses.
• Grant Allocation: Eligible businesses will be notified of their grant allocation.

 

Grant Disbursement:

• Account Confirmation: The government will verify your bank account details and ensure it matches the BVN provided during the application.
• Direct Transfer: The grant amount of N50,000 will be directly transferred to your verified bank account.

Direct Link to Apply for FG Palliative Grant and Nano Loan

Follow these straightforward steps to apply for the grant:

1. Visit the official application portal at grant.fedgrantandloan.gov.ng/apply.
2. Complete the form with accurate information.
3. Click the “Submit Request” button to proceed.

Federal Govt Palliative Grant N50,000

GoldenNewsNg reported that the Minister of Industry, Trade and Investment, Ms Doris Uzok-Anite disclosed this in a statement signed by her.

She explained that the program consists of the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme targeted at manufacturers, SMEs, MSMEs, and businesses.

The statement read,

• “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.”
• “The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria will collaborate with state and local governments, federal legislators, federal ministers, banks, and other stakeholders.”
• “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 verification of identity.”

Target Sectors for the Scheme

The following businesses are eligible to apply for the scheme:

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

Duration: 6 weeks planning, continuous call to entry, revolving fund disbursement from 5th Dec 2023, repayments starting 5th June 2024.

Direct Link to Apply for FG Palliative Grant  : Apply here

 

Conclusion: The Presidential Conditional Grant Programme represents a significant step towards empowering micro-enterprises and fostering inclusive economic growth in Nigeria. By providing direct financial assistance to nano-businesses, the program aims to unleash the entrepreneurial potential of the Nigerian people and contribute to a more prosperous and equitable society.