Are you seeking for a loan to start up a business or fund an existing business? If your answer is yes then this Presidential Palliative Loan Programme might be just for you. Here, we shall be discussing on how you can apply for this loan from the Federal Government and show you the requirements for this loan. Kindly follow this article till the end.
The Presidential Palliative Loan Programme is a microfinance scheme established by the Nigerian government to provide financial assistance to small businesses and individuals affected by the COVID-19 pandemic. The program aims to mitigate the economic impact of the pandemic by offering loans at a reduced interest rate and with flexible repayment terms.
The grant sum is N50,000.00 (Fifty Thousand Naira) per beneficiary, and it is designed to reach one million nano businesses in the 774 local government areas. The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
The Presidential Palliative Loan Programme is open to various categories of individuals and businesses, including artisans, traders, farmers, and small business owners. To be eligible for the loan, applicants must meet certain criteria, such as having a valid means of identification, proof of business or trade, and a bank account.
The loan amount ranges from N50,000 to N3 million, depending on the applicant‘s business size and needs. The interest rate on the loans is 5% per annum, and the repayment period is typically between 6 and 12 months.
The Presidential Palliative Loan Programme is implemented through participating financial institutions, such as commercial banks and microfinance banks. Interested individuals and businesses can apply for the loan by visiting the nearest participating financial institution and completing the required application forms.
The program has been widely praised for its potential to stimulate economic activity and support vulnerable individuals and businesses during the pandemic. However, there have also been concerns about the accessibility of the loans, particularly for those in rural areas or without access to formal financial services.
How to Apply for Presidential Palliative Loan Programme
To apply for the FG Presidential Palliative Loan Programme 2024, you have to visit the official website at https://grant.fedgrantandloan.gov.ng/apply. At the site, find and complete the online application form. Do not forget to provide authentic information as your application will be verified thoroughly.
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.
When you have completed and submitted your application, kindly exercise patience for disbursement. Also, you have to be aware that this is a loan and not a grant. You will be required to pay back in 6 – 12 months of loan disbursement. So kindly ensure you adhere to the loan terms.