The Federal Government has recently launched the Presidential Conditional Loan Scheme for businesses in Nigeria, encompassing even nano businesses, as part of the broader Presidential Palliative Program. This initiative seeks to alleviate the impact of President Bola Ahmed Tinubu’s decision to remove the fuel subsidy on May 29, 2023.
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Outlined by the Presidency, the Presidential Conditional Loan Scheme stands as a pivotal stride in economic empowerment within Nigeria, ushering in a new era of financial support. Noteworthy features include a commitment to transparency and efficiency, utilizing digital transformation for user-friendly application processes accessible via smartphones and computers, and offering financial literacy resources and training to enhance effective fund management.
This scheme strategically targets specific sectors, encompassing traders, food services, ICT, transportation, creativity, and artisans. Eligible candidates are encouraged to apply through the official website, https://loan.fedgrantandloan.gov.ng/. Disbursements will be facilitated by the applicants’ respective banks upon meeting the eligibility criteria.
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Experience the tailored loan terms crafted to support your business endeavors. For MSMEs, a favorable 36-month period awaits, while manufacturers seeking working capital benefit from a 12-month term. Those applying for asset financing enjoy an extended 60-month tenor with a six-month moratorium. The competitive 9% per annum interest rate underscores our commitment to your success, backed by legal measures in the event of non-repayment.
Qualifying applicants must possess a registered business, be it a Sole Proprietorship, Partnership, or Limited Liability Company, and can apply individually or with a partner company. While there is no specified age limit, applicants must be 18 years and above.
To embark on this transformative journey, visit https://loan.fedgrantandloan.gov.ng/auth/loan-register. Be mindful of the application deadline on Sunday, December 31, 2023. The application process involves a seamless signup with basic details, furnishing comprehensive business information with requisite documentation, elucidating on business leadership, and articulating how the loan will propel their business forward.
For a deeper dive into the process, additional information is readily available at https://loan.fedgrantandloan.gov.ng/. Your path to financial empowerment starts here.