Federal Government Grant and Loan Scheme Portal 2023/2024

The Federal Government Grant and Loan Scheme Portal for 2023/2024 is open to help over 1 million Nano Businesses across the 774 local governments in Nigeria access grants and loans.

The grant amount is ₦50,000 (Fifty Thousand Naira) per beneficiary. Nigerians can access this program via fedgrantandloan gov ng

FG launched a program called the Presidential Conditional Grant Scheme to alleviate Nigerians from the shock of subsidy removal and assist them in establishing standard businesses.

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Note: The beneficiary must set the business value at ₦200,000 to qualify for an FG Grant worth ₦50,000 and must own a CAC registration to be eligible for a loan exceeding ₦1,000,000.

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.

Federal Government Grant and Loan Scheme Portal

The Federal Government of Nigeria is delighted to announce the kickoff of the Presidential Conditional Grant to Nano Businesses as part of the Presidential Palliative Program.

Before you can apply for the Federal Government Grant and Loan Scheme Portal, you must provide some details to qualify for it.

Below are the required details that any beneficiary must have to complete the Federal Government grant application form.

• Surname
• Other names
• Email
• Phone number
• Gender
• Residential Address
• Physically challenged
• BVN
• Date of Birth (must be 18 years and above)
• Bank Details
• Business Type/Sector
• Business Line
• Additional Investment Needed
• Business Value (₦)

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

• Traders:
  • These include single retail marketers, corner shop owners, petty traders, and market men and women in open markets.
• Food Services:
  • These include food and vegetable Vendors.
• ICT:
  • These include business center operators, battery chargers, recharge card vendors, and call center agents.
• Transportation:
  • These include wheelbarrow pushers and independent dispatch riders.
• Creatives:
  • These include makeup artists, fashion designers, and dry cleaners.
• Artisans:
  • These include vulcanizers, shoemakers, painters, and repairers.

Eligible beneficiaries who meet all the selection criteria are enjoined to reach out to their representatives for shortlisting.

Federal Government Grant and Loan Direct URLs:

• Direct link to apply for FG Grant: grant.fedgrantandloan.gov.ng
• Direct link to apply for FG Loan: loan.fedgrantandloan.gov.ng

Federal Government Grant and Loan Scheme Eligibility

• FG 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
• Meet the application submission deadline

• FG Loan Eligibility Criteria
• Loan up to 1M
  • A) Eligibility Criteria
    • Existing business 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 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
• 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:
    • ii) 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 Grant and Loan Scheme Deadline

N50b Grants for Nano Businesses (3 Months)

• Start Date: 10th Oct 2023
• Duration: 6 weeks planning, 3 weeks official communication, 6 weeks verification, continuous fund disbursement from 12th Dec 2023.

N75b Loans: MSMEs and Manufacturers

• Start Date: 10th Oct 2023
• Duration: 6 weeks planning, continuous call to entry, revolving fund disbursement from 5th Dec 2023, repayments starting 5th June 2024.

Before the Federal Government Grant and Loan Scheme, President Tinubu also recently launched the Conditional Cash Transfer program, and many beneficiaries received a 25,000 Naira cash transfer from it.