Learn how to access a one million naira presidential palliative loan program, a joint effort of the federal government, State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representatives Members.
This loan scheme is perceived as a Game-changer in Economic Empowerment. The sum of 75 billion will be disbursed to MSMEs with up to one million naira for each beneficiary.
The loan term is a three-year repayment period for MSMEs, a year’s repayment period for working capital, and a year’s repayment period for the purchase of machinery and equipment.
Below are the businesses that are eligible to apply for the loan scheme:
- Traders
- Food Services
- ICT
- Transportation
- Creative
- Artisans
Loan Eligibility Criteria
- Loan up to 1M
- A) Eligibility Criteria
- Existing business must be in operation for one (1) year,
- Start-ups must be a 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
- A) Eligibility Criteria
2. 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:
- i) 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
- i) Asset Financing
How to Apply for ₦1,000,000 FG Loan for MSMEs
The application process for the ₦1,000,000 FG Loan for MSMEs has commenced. If you have reviewed the requirements mentioned earlier, you are eligible to apply for this loan of ₦1,000,000. You can initiate your application now and expect to receive the funds as soon as possible.
To submit your application, please click on the following link to learn more.
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