Subsidy: FG to disburse grants to SMEs

Strategies for maintaining SME profitability amid inflation

The Federal Government says it will soon commence disbursement of funds under its Presidential Palliative Programme, targeted at alleviating the impact of the fuel subsidy removal.

A statement on Sunday by the Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, said the programmes consisted of the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.

It stated, “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas.

Read:  World Bank's $500M Initiative Benefits 30,000 Nigerian Farmers.

“The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria will collaborate with state and local governments, federal legislators, federal ministers, banks and other stakeholders.

“Eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area, and provide relevant personal and bank account information, including Bank Verification Number for verification of identity.”

For the Presidential Palliative Loan Programme, it said, the Federal Government would disburse N75bn to micro, small and medium-sized enterprises across various sectors, and N75bn specifically to manufacturers.

Read:  Providus Bank launches dual-purpose card for SMEs

The loan would be administered to the beneficiaries at a single-digit interest rate of nine per annum.

‘While MSMEs can access loan facilities up to N1m with a repayment period of three years, manufacturers can access up to N1bn to access financing for working capital with a repayment period of one year for working capital or five years for the purchase of machinery and equipment,” it stated.


Related posts

Reckitt Nigeria Awards N37.8 Million in Seed Funding to Small Businesses Through Innovative Social Enterprises.


Support Initiative for Sub-Saharan African Film Production Companies: The 2024 World Cinema Fund


Interest-free loans are crucial for the survival of small businesses and farmers


SMEs, manufacturers, and farmers are exempt from withholding tax by FG says Oloyede


Invitation for Entries: BetaDen Tech Accelerator Cohort 8 for Startup Ventures with £12,000 Funding


Ogun disburses N1bn grant to SMEs


Leave a Comment