The federal government offers various types of loans and grants for different purposes, including education, small business development, housing, research, and development. Would you like more information on a specific type of loan or grant?
Nano businesses, defined by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) as enterprises with one or two workers and an annual turnover of less than N3 million, are the primary beneficiaries of this initiative.
Who Can Apply For The Grant
manufacturers will access loans up to N1 million and N1 billion respectively.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
Who Can Apply?
Businesses that fall into the six categories below can apply.
1. Trader
2. Food services
3. ICT
4. Transportation
5. Creatives (makeup artists, fashion designers and dry cleaners.)
6. Artisans (vulcanizers, shoemakers, painters, repairers).
Grant Eligibility Criteria
1. Own a nano business.
2. Operate a business with progressive economic potential, and desire to grow the business.
3. Be willing to engage at least one additional staff member if turnover increases
4. Be willing to provide proof of residential/business address in the Local Government Area
Provide relevant personal and bank account information, including Bank Verification
(BVN) for verification of identity
5. Meet the application submission deadline.
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