How To Apply For FG 75bn Loan For MSMEs; Eligibility and Procedures (to be disbursed in January 2024)

Presidential Palliative Program Transforming businesses, improving lives.

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Loan Eligibility Criteria

• Loan up to 1M
  • A) Eligibility Criteria
    • Existing business must be in operation for one (1) year,
    • Start-ups must be 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
• 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

Key Features

Transparent and Efficient:

We prioritize transparency and efficiency, ensuring that funds are disbursed swiftly to deserving businesses.

Digital Transformation:

The platform leverages cutting-edge technology to make the entire process accessible through smartphones and computers, allowing SMEs to apply from anywhere.

Financial Literacy:

We understand the importance of financial education. Therefore, our platform provides resources and training to empower SMEs with the knowledge to manage their funds effectively.

Frequently Asked Questions

How do I access the loan?

Apply for the loan through the provided this link while disbursement will be done by your bank if you meet the eligibility criteria.

What are the terms of the loan?

The loan term is 36 months for MSMEs and Manufacturers (Working capital) is 12 months, while Manufacturers (Asset financing) has a 60-month tenor with a six-month moratorium.

What is the interest rate of the loan?

9% per annum.

Can I apply with a partner company?

Applicant must have a registered business either as a Sole proprietorship, Partnership, or a Limited liability company

What are the repayment terms?

Equal and consecutive monthly repayment of principal and interest for the tenor of the loan.

How do I know the status of my application?

You can check the status of your application by logging into your profile. Once your application has been forwarded to your bank for processing, you should follow up with your bank for updates.