The Nigerian government has recently launched the Presidential Intervention Fund to support small businesses across the country. This initiative aims to provide financial assistance to help businesses grow and thrive. The government has allocated up to N200 billion for this purpose.
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FG N200 Billion Grant August 2024
Who Can Apply?
This grant is available to small businesses operating within Nigeria. There are two main categories of eligible businesses:
- Existing businesses: These have been operating for at least one year. They have already established themselves and want to expand or improve their operations.
- Registered startups: These are new businesses recently set up or registered. They are in the early stages of development and need financial support to get off the ground.
What Are the Requirements?
To qualify for this grant, businesses must meet the following criteria:
- Proof of Business:
- Applicants must provide legal documents that confirm the business’s existence and legality.
- Required documents include:
- Certificate of Incorporation: This document proves that the business is legally registered.
- Particulars of all directors: This includes information about the individuals who are responsible for running the business.
- Form A (Articles of Association): This document outlines the business’s rules and regulations.
- Bank Statements:
- Existing businesses need to provide bank statements showing financial activity for the past six months. This helps the bank assess the business’s financial health and cash flow.
- Startups need to provide the bank statement of the main person in charge. This helps the bank understand the startup leader’s financial background.
- Business Performance:
- Businesses must meet a minimum monthly income threshold set by the bank. This ensures that the business generates enough revenue to sustain itself and repay the loan.
- Guarantees and Agreements:
- Applicants may need to provide a personal guarantee for the loan. This means that if the business fails, the guarantor will be responsible for repaying the loan.
- Businesses must agree to certain conditions set by the bank, such as maintaining a minimum account balance, following operation standards, and providing financial results regularly. These agreements help safeguard the bank’s interests and ensure responsible financial management.
Types of Businesses That Can Benefit
This program supports various types of small businesses, including:
- Retail Outlets:
- Small stores: Businesses operating in a confined space with various consumer products.
- Corner shops: Small convenience shops located within residential areas.
- Petty traders: Vendors who sell goods in small quantities.
- Market sellers: Vendors operating within a marketplace selling a variety of goods, from food products to clothing items.
- Food Vendors:
- Street food vendors: Vendors selling food on the streets.
- Stall owners in food courts: Vendors operating stalls in food courts.
- Vendors in farmers’ markets: Vendors selling fresh produce in farmers’ markets.
- Tech Businesses:
- Business centre operators: Businesses providing services like photocopying, printing, internet access, and computer rentals.
- Phone charger and recharge card sellers: Vendors selling mobile phone accessories like chargers and prepaid credit for mobile networks.
- Call centre agents: Companies handling incoming and outgoing customer calls.
- Transportation Services:
- Wheelbarrow pushers: Individuals offering manual transportation services, usually in markets or construction sites.
- Independent delivery riders: Individuals offering delivery services, usually for food or courier companies.
- Creative Industries:
- Makeup artists: Professionals providing beauty services for occasions, events, or personal beauty.
- Fashion designers: Designers creating clothes and accessories.
- Dry cleaners: Professionals cleaning clothes and other textiles.
- Service Providers:
- Vulcanizers: Professionals repairing tires for vehicles.
- Shoemakers: Individuals designing, manufacturing, and repairing shoes.
- Painters: Professionals painting buildings, houses, and other structures.
- Repair shops: Businesses providing repair services for various items, from electronic gadgets to furniture and vehicles.
How to Apply
There are two ways to apply for the grant:
- Online: Submit your application through the official website www.fedgrantandloan.gov.ng.
- Bank Branch: Visit the nearest Bank of Industry for more information and application forms.
Government Support
The Nigerian government is dedicated to helping small businesses grow and succeed by providing financial support through this fund. This initiative aims to create a more robust and sustainable economy by empowering small businesses.
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Michael is an avid automobile enthusiast who is passionate about all things on wheels. From the latest car models to classic vintage rides, I love exploring the automotive world’s intricate details and engineering marvels. With years of experience in test-driving, reviewing, and analyzing cars, I provide readers with comprehensive insights and honest opinions.