Federal Government Advanced Presidential Loan Disbursement Process
Federal Government Advanced Presidential Loan Disbursement Process
Presidential Loan: According to today’s Latest FGLoanGrant News, the Federal Government of Nigeria has announced the operational launch of the MSME and Manufacturing sector of the coveted Presidential 200 Billion Naira Intervention Fund.
Remember that the applications for the Presidential Conditional Grant Scheme PCGS were closed a few days ago. As a result, the federal government is eager to begin the loan distribution process for the MSME and manufacturing sectors, which will help to support economic growth and industrial development.
According to FG, this amount is strategically divided, with 75 billion Naira going to MSMEs and the remaining 75 billion going to the manufacturing sector. The inaugural payment to nano firms was successful, and we are well on our way to supporting one million nano enterprises across the country.
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Thousands of beneficiaries have already confirmed receipt, with many more to follow. In light of the foregoing, the federal government invites eligible businesses to participate in this transformative endeavor. To apply, please go to the official application webpage at https://fedgrantandloan.gov.ng
Furthermore, applicants seeking further information may visit their local state Bank of Industry branch. Loan Eligibility Criteria (for MSME Loans up to 1 million naira):
1. Eligibility Criteria:
a. Must be a registered start-up or an established firm that has been in operation for at least a year. b. Provide the CAC business registration documentation.
c. Present the Company’s Bank Statement for established enterprises or the Chief Promoter’s Bank Statement for start-ups.
d. Complete the requisite monthly turnover and other bank-specified conditions.
2. Security:
a. Provide a personal guarantee for the promotion.
b. Accept the BVN Covenant.
c. Follow the bank’s Global Standing Instructions (GSI) and other security requirements.
3. Repayment Frequency:
a. Monthly equal installments with no moratorium throughout 3 years.
For Manufacturers (Loans Up to 1 Billion Naira):
a. Choose either working capital or asset financing.
b. Maintain a 6-month commercial or corporate banking connection.
c. Provide any further documentation necessary by the bank.
d. Asset Financing has a 5-year repayment duration, whereas Working Capital Financing has a 6-month principal and interest moratorium, followed by a 12-month equal installment repayment schedule.
