FG Small Businesses’ Loan – How To Apply & Get Up To N1m

 

Do you have a small business and wish to expand or Support your business with loan at a cheap interest rate? Then, this loan from Federal Government is for you as it allows you to get loan up to N1m for your small business.

Small Businesses That Can Benefit From The Federal Government Loan

The following are some of Sectors of small businesses that can benefit from the this Federal Government of Nigeria Loan:

1. Traders

These include single retail marketers, corner shop owners, petty traders, market men and women in open markets

2. Food Services

These include food, fruits and vegetable vendors, etc

3. ICT

These include business centre operators, battery chargers, recharge card vendors, call centre agents

4. Transportation

These include wheelbarrow pushers, independent dispatch riders

5. Artisans

These include vulcanizers, shoemakers, painters, repairers.

6.Creatives

These include makeup artists, fashion designers, drycleaners

All these can benefit from this Federal Government facility for Small Businesses.

How To Apply For And Get The Small Business Loan

 

To apply simply for the loan, simply go the the FG website:

https://loan.fedgrantandloan.gov.ng/

Fill out the forms and submit accordingly.

Loan applicants who have already filled the form should simply log in and update their loan application with their NIN.

Federal Government Small Business Loan Eligibility Criteria

For Loan up to 1M the following Eligibility Criteria must be met by the applicants:

1. Existing business must be in operation for one (1) year,

2.; Start-ups must be a registered business

3. Provide CAC business registration documents.

4. 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).

5. Have required monthly turnover and other things as may be requested by the bank.

 Security For The Federal Government Small Business Loan

 

1.PersonalGuarantee of the promoter

2. Acceptance of BVN Covenant (Global Standing Instruction- GSI), and any other thing that may be required by the bank

Interest Rate Of The Federal Government Small Business Loan

The interest rate for this loan is 9% per annum.

Repayment Frequency Of The Federal Government Small Business Loan

Monthly equal installment (no moratorium) over a period of 3 years

 

For more information on his loan go the the FG website:

https://loan.fedgrantandloan.gov.ng/

This information has been provided to assist you in taken your decision when considering going on loan for your small business and in no way should be misconstrued as recommendation from grow Finance and her authors.

 

 

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