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Introducing the Presidential federal government of Nigeria (FG) Palliative Programs – a game-changer in economic empowerment. This program aims to provide financial assistance to businesses through accessible loans.
Below are the details for eligibility, loan criteria, security, repayment frequency, and key features:
Loan Eligibility Criteria
Loan up to 1 million
- A) Eligibility Criteria:
- Existing business operational for one year.
- Start-ups must be a registered business.
- Provide CAC business registration documents.
- Bank statements for a year (existing business) or Chief
- Promoter’s bank statements for a year (startups).
- Required monthly turnover and other documentation requested by the bank.
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B) Security:
- Personal guarantee of the promoter.
- Acceptance of BVN Covenant (Global Standing Instruction- GSI), and any other requirement by the bank.
C) Repayment Frequency:
Monthly equal installment over 3 years.
Manufacturers up to 1 Billion (Working Capital or Asset Financing):
A) Eligibility Criteria:
- At least 6 months of business/corporate banking relationship.
- Provide CAC business registration documents.
- 12 months bank statement for other banks.
- Other documentations as required by the bank.
B) Security:
As required by the bank.
C) Repayment Term:
i) Asset Financing: 6 months moratorium on principal and interest, 5 years repayment period.
ii) Working Capital Financing: 12 months equal installment of principal and interest.
Key Features:
Transparent and Efficient: Funds disbursed swiftly to deserving businesses.
Digital Transformation: Accessible through smartphones and computers for easy application.
Financial Literacy: Resources and training provided to empower SMEs with financial management knowledge.
How do I Access the FG 75bn MSME Loan?
Apply through the provided link; disbursement by your bank if you meet eligibility criteria.
What are the terms and conditions of the FG 75bn MSME Loan?
MSMEs: 36 months,
Working capital: 12 months,
Asset financing: 60 months with a 6-month moratorium.
What is the interest rate of the FG 75bn Loan?
9% per annum
How do i apply with a Partner company?
Applicant must have a registered business (Sole proprietorship, Partnership, or Limited liability company).
What are the repayment terms and conditions of the 75bn FG Loan?
Equal and consecutive monthly repayment of principal and interest for the loan tenor.
How do i check my Application Status?
Check through your profile; follow up with the bank for updates after forwarding your application