Presidential Palliative Loan Programme: FG N75bn Loan For MSMEs In Nigeria | How to Apply Now
Apply for Presidential Palliative Loan Programme – The federal government of Nigeria said it has commenced disbursement of funds under its Presidential Palliative Programme, targeted at alleviating the impact of the fuel subsidy removal.
One of the programmes under this initiative is the Presidential Palliative Loan Programme which is expected to commence soon, and all Nigeria MSMEs and manufacturers who wish to participate in the loan program are to submit their application for the loan.
Read also: FG-BOI To Disburse N75bn Loans To MSMEs
Read also: Presidential Conditional Grant Programme
Table of Contents
What Is the Presidential Palliative Loan?
The Presidential Palliative Loan is a N75 billion loan programme announced by the President Tinubu administration to cushion the effect of fuel subsidy removal on micro, small and medium-sized enterprises across various sectors and another 75 billion Naira for manufacturers in Nigeria. Under this loan program, businesses under these categories can apply to get from 1 Million Naira to 1 billion Naira loan at a single-digit interest rate of 9% per year.
Read also: Iyaloja Fund
Loan Repayment Period
The Presidential Palliative Loan has a repayment period of 3 years for MSMEs, 1 year for manufacturers who collect the loan as working capital and 5 years for those who collect the loan for the purchase of machinery and equipment.
Duration: 6 weeks planning, continuous call to entry, revolving fund disbursement from 5th Dec, repayments starting 5th June 2024.
Read also: Nigeria Loans
Loan Disbursement
To disburse this loan, 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 to ensure the disbursement process is a success.
Applicants who submit their application online may also receive the loan directly to their registered account.
Read also: SMEDAN Loan Registration Form
Eligible Businesses
Businesses under these categories are eligible to apply;
- Traders
- Including single retail marketers, corner shop owners, petty traders, market men and women in open markets
- Food Services
- These include food and vegetable Vendors
- ICT
- These include business centre operators, battery chargers, recharge card vendors, call centre agents
- Transportation
- These include wheelbarrow pushers, independent dispatch riders
- Creatives
- These include makeup artists, fashion designers, and dry cleaners.
- Artisans
- These include vulcanizers, shoemakers, painters, and repairers.
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How to Apply for the Presidential Palliative Loan Programme
Interested and eligible Nigerians who wish to apply for this loan can do so now online via the presidential palliative loan application portal at https://www.fedgrantandloan.gov.ng/ before the application closing date.
Application Deadline
The deadline for this is 31st December 2023.
You can also apply for the Presidential Conditional Grant Programme
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