Federal Government Grants and Loans Application Form Portal 2024/2025

Are you interested in applying for the Federal Government of Nigeria Grants and Loans in 2024? This information is for you. Within it, we’ve compiled all the details to guide you through the Federal Government Grants 2024/2025 application process, including, eligibility criteria/requirements, important documents needed for a successful application, and how to apply. Make sure you read the instructions carefully before applying.

The Federal Government of Nigeria under the supervision of the Federal Ministry of Industry, Trade and Investment, has rolled out two initiatives – the Presidential Conditional Grant Programme & the Presidential Palliative Loan Programme.

The grant sum is N50,000.00 (Fifty Thousand Naira) per beneficiary, and it is designed to reach one million nano businesses 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.

Target Sectors for the Grant Scheme

Below are the businesses that are eligible to apply to the scheme

1. Traders: These include single retail marketers, corner shop owners, petty traders, market men and women in open markets

2. Food Services: These include food and vegetable Vendors

3. ICT: These include business centre operators, battery chargers, recharge card vendors, call centre agents

4. Transportation: These include wheelbarrow pushers, independent dispatch riders

5. Creatives: These include makeup artists, fashion designers, and drycleaners.

6. Artisans: These include vulcanizers, shoemakers, painters, repairers.

Grant Eligibility Criteria

To be considered for the Federal Government Grants, applicants must meet these 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)

Target Sectors for the Loan Scheme

Below are the businesses that are eligible to apply to the scheme

1. Traders: These include single retail marketers, corner shop owners, petty traders, market men and women in open markets

2. Food Services: These include food, fruits and vegetable vendors, etc

3. ICT: These include business centre operators, battery chargers, recharge card vendors, call centre agents

4. Transportation: These include wheelbarrow pushers, independent dispatch riders

5. Creatives: These include makeup artists, fashion designers, and drycleaners.

6. Artisans: These include vulcanizers, shoemakers, painters, repairers.

Loan Eligibility Criteria

1. Loan up to 1M

A) 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.

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

2. Manufacturers up to N1billion (Working Capital or Asset Financing)

A) 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.

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
  • 12months equal installment of principal and interest

Federal Government Grants and Loans Application Portal

To apply for the Federal Government Grants and Loans, visit the official website at www.fedgrantandloan.gov.ng

Federal Government Grants and Loans Update 2024

Stay updated with all the latest news on the Federal Government Grants and Loans 2024/2025 right here. Make sure to check back regularly to keep informed throughout the application process.

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