The Presidential Conditional Loan and Grant Scheme to Businesses in Nigeria, including Nano businesses as part of the Presidential Palliative Program has kicked off with the application portal now opened for qualified Nigerians to take advantage of the scheme. TheWest Newspaper reports.
The plan is to get to one million businesses across the 774 local government areas of the federation. According to information on the grant website, 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.
Every successful beneficiary will get a grant of N50,000 each in support of their nano businesses.
What is a ‘nano business’?
A nano business is a very small-scale business entity, often operated by a single individual or a small team, and typically characterised by its limited size and scope.
A Nano business has asset value of less than N1m and less than 4 employees with annual turnover less than N1m.
TheWest newspaper found out that the application portal will be closed on Monday 18th December 2023. To apply, you will be required to submit your business/Residential address with the closest landmark, your bank verification number and other bank details. Your other biodata information like name, email, phone number, gender, residential address, date of birth etc will also be required.
To apply for the grant, you will have to fill out the application form from HERE
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