Federal Government Grant and Loan for Businesses: See the link to apply
Table of Contents
The Federal Government through the SMEDAN (Small and Medium Enterprises Development Agency of Nigeria) announced the launch of conditional grants and presidential palliative loans for small and medium business enterprises.
The grants and loans that are given to small business owners and petty traders are a way of fulfilling the Federal Government’s renewed hope agenda which aims at reducing Nigeria’s Unemployment figures and creating employment opportunities for the Nigerian youths.
The initiative is offering a grant of N50,000 per beneficiary to support more than one million small business owners in the 774 local government areas in the country.
As in the case of the federal government loan, a 1 million naira loan with a repayment period of three years is offered for MSMEs and a 1 billion naira loan is offered to manufacturers with a repayment period of 1 year if it is used for working capital and five years if it is used for the purchase of machinery and equipment.
With a simple easy-to-do condition, every Nigerian small business owner is eligible to apply for grants and loans.
Also see:
- 3 Banks in Nigeria that Offer Student Loans
- Small Business Challenges; Top 15 Challenges Small Businesses Are Facing Today
- Fixed Cost; Meaning, 9 Examples, and Ultimate Guide On How To Calculate Fixed Costs
What are the conditions?
The conditions are simple and easy to meet and that is for you to benefit from the program, you must employ at least one unemployed youth. This will help the Federal Government of Nigeria to address the issue of unemployment, provide financial support for micro-enterprises and increase the economic development of the country.
Targetted beneficiaries for the grants Scheme
Here is a full list of those who are targetted beneficiaries of this scheme which include:
- Shoemakers
- food vendors
- business centre operators
- battery chargers
- Recharges card sellers
- Barrow Pushers
- Vulcanizers
- Dry cleaners
- Painters
- Fashion designers
- Make-up artists, etc.
Recommended:
- Check Out How to Start a Box Truck Business in 7 Steps
- See the 13 Box Truck Business Ideas To Start Now
- How to Set Up a Virtual Business Address for an LLC; Check the 4 Steps
- Virtual Business Phone Number Apps; See the 7 Best Virtual Business Phone Number Apps
- Time Card Calculator; Top 7 Reasons To Get Your Business a Time Card Calculator
Required Criteria for those who wish to apply for the Federal Government conditional Grants and Palliative loans for small business owners
- You must provide your residential address and prove
- You must also provide your business address and prove
- Your bank details are needed
- Local government area of your resident and that of the business
- Your other personal information
- Your Bank Verification Number which is used as a mode of verifying that the information you have provided is true
Click here to get more information about the scheme -> https://smedan.gov.ng/condictional-grant-scheme/
And for those who wish to apply click here-> https://cip.smedan.gov.ng/
this is another way the federal government of Nigeria wish to increase access to funds, empower the youths, create job opportunities and increase the industrial development of the country.
For those who wish to apply the link has been made available above, and note that every business owner in Nigeria can receive the federal government presidential grants and loans by applying through the link.
