There is a recent federal government grant program in Nigeria specifically aimed at small businesses. Here’s what you need to know:
- Program: Presidential Conditional Grant Scheme (also called Trade Grants Scheme)
- Target: Nano businesses (very small businesses) in various sectors like trading, food services, ICT, transportation, creative industries, and artisans.
- Grant amount: N50,000 per beneficiary (disbursement started April-May 2024)
- Website: Federal Government Grants and Loans: https://www.fedgrantandloan.gov.ng/
below are some questions Nigerians asks regarding the loan, and also answers to them
What is a ‘nano business’?
A nano business is a very small-scale business, typically run by one person. They often operate with minimal resources and limited capital investment. Here are some key characteristics of a nano business:
- Size: Usually has one owner/operator, though it might involve a few part-time helpers occasionally.
- Resources: Operates with low overhead costs and minimal startup capital.
- Market: Often caters to a local market or a niche customer segment.
- Products/Services: May focus on specialized products or services tailored to specific needs.
What documents do I need to provide as proof of my residential/business address in the Local Government Area?
The exact documents required for proof of address might vary slightly depending on the application process. However, some generally accepted documents include:
- Residential Proof:
- Utility bill (electricity, water) with your name and address
- Landlord-tenant agreement
- Certificate of Occupancy
- Recent bank statement showing your address
- Business Proof:
- Certificate of Business Registration with the Corporate Affairs Commission (CAC) . Rent agreement for your business space . Utility bill (electricity, water) addressed to your business name at the location
Do I need to have a registered business name to qualify for this opportunity?
It is not explicitly mentioned whether a registered business name is mandatory for the Presidential Conditional Grant Scheme. However, as a nano business scale, you dont really need a registered business name
What personal and bank account information is required for this application?
The exact information required are:
- Your full name
- National Identification Number (NIN)
- Phone number
- Bank account details (account number, bank name)
When is the deadline for submitting the application for this opportunity?
Unfortunately, there isn’t readily available information regarding a specific deadline for the Presidential Conditional Grant Scheme.
The website (https://grant.fedgrantandloan.gov.ng/) doesn’t mention a deadline, and grant programs can have ongoing applications or application windows that close at specific dates.
this means, the application is still on, and may close soon
What does it mean to have a business with ‘progressive economic potential’?
A business with “progressive economic potential” likely refers to a business that has the potential for growth and positive economic impact. Here’s a breakdown of the key aspects:
- Growth Potential: This indicates the ability of the business to expand its operations, sales, and customer base over time.
- Economic Impact: The business has the potential to contribute positively to the local or national economy. This could involve creating jobs, generating revenue, or providing essential goods or services.
Here are some examples of businesses that might be considered to have progressive economic potential:
- A small food vendor that uses the grant to expand into a catering service.
- A local clothing designer who uses the grant to invest in equipment and hire an assistant, potentially growing into a small fashion brand.
- A bike repair shop in a rural area that uses the grant to purchase tools and increase service offerings, becoming a vital service for the community.
The key is to demonstrate that your business has a clear plan for using the grant to achieve sustainable growth and contribute positively to the economy