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Understanding the Presidential Palliative Loan Program

Applying for a Presidential Palliative Loan can be a confusing process, but with the right guidance, it can be a straightforward and beneficial experience. The Presidential Palliative Loan program is designed to provide financial assistance to businesses facing difficult economic circumstances, offering a path to relief and stability during challenging times.

TARGET SECTORS

Below are the target sectors for Presidential Palliative Programmes.

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. INFORMATION AND COMMUNICATION TECHNOLOGY: These include business centre operators, battery chargers, recharge card vendors, call centre agents
4. TRANSPORTATION: These include wheelbarrow pushers, independent dispatch riders
5. CREATIVES: These include makeup artists, fashion designers, drycleaners.
6. ARTISANS: These include vulcanizers, shoemakers, painters, repairers.

Above mentioned sectors are the business that are eligible to apply for the scheme.

Eligibility Criteria for the Presidential Palliative Loan

Note, NIN is a major requirement for a Federal Government Loan Scheme

Before applying for a Presidential Palliative Loan, it is essential to understand the eligibility criteria. Applicants must be able to demonstrate genuine need for financial support, as well as provide necessary documentation to support their application.

The program’s eligibility requirements are shown below.

A. Loan up to 1M

• a) Eligibility Criteria
  • Existing business must be in operation for one (1) year,
  • Start-ups must be a 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

B. 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

Steps to Apply for a Presidential Palliative Loan

To begin the application process for a Presidential Palliative Loan, individuals should first gather all required documents, including proof of business documents, identification, and any additional documentation requested by the program. Once all necessary documents are in order, applicants can submit their application through the Presidential Palliative Program Website

The Importance of Providing Accurate Information

When applying for a Presidential Palliative Loan, it is crucial to provide accurate and truthful information to ensure the success of your application. Any discrepancies or inaccuracies in the information provided could lead to delays or rejection of your application. By being transparent and forthcoming with all required information, you can increase your chances of approval for the loan.

Read Also: How to Create and Sell Digital Products: A Step-by-Step Guide to Generating Passive Income

What to Expect After Submitting Your Application

After submitting your application for a Presidential Palliative Loan, it is important to stay informed and be patient during the review process. Depending on the volume of applications received, the review process may take some time. Be sure to check for any updates or requests for additional information from the program to expedite the review process and ensure timely processing of your application.

Conclusion

In conclusion, applying for a Presidential Palliative Loan can provide much-needed financial assistance during challenging times. By understanding the eligibility criteria, following the necessary steps, and providing accurate information, individuals can increase their chances of approval for the loan. Remember to stay informed and patient throughout the application process, and reach out to the program for assistance if needed.

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