FG N200 Billion Grant July-August 2024 Eligibility, Requirements, and How to Apply

Federal Government Grant – ARDnig

The Nigerian government has introduced the Presidential Intervention Fund, allocating N200 billion to support small businesses from July to August 2024. Eligible businesses include existing ones operating for at least a year and registered startups. This program allocates N200 billion to help foster the growth and development of these enterprises. Applicants must provide legal business documents, bank statements, proof of satisfactory business performance, and possibly personal guarantees. Various small businesses, such as retail outlets, food vendors, tech businesses, and creative industries, can benefit. Applications can be submitted online or at local Bank of Industry branches.

Eligibility

The grant is open to all small businesses within Nigeria, categorized into two groups:

• Existing businesses: Those that have been operational for at least one year.
• Registered startups: Newly established businesses that have completed official registration.

Requirements

To qualify for the program, businesses must meet the following requirements:

• Proof of Business: Applicants must provide legal documents confirming the existence and legality of their business. These documents, known as CAC (Corporate Affairs Commission) documents, include the Certificate of Incorporation, particulars of the company directors, and the company’s articles of association.
• Bank Statements: Operational businesses need to submit their company bank statements, reflecting financial transactions over the last six months. For startups, the bank statements of the chief promoter or the main person in charge are sufficient.
• Satisfactory Business Performance: Businesses must meet a minimum monthly income threshold determined by the bank, which varies by business type and size. This ensures the business generates enough revenue to sustain operations and repay any loans.
• Guarantees and Agreements: Applicants may need to provide a personal guarantee for the loan. If the business fails to repay the loan, the individual who provided the guarantee will be responsible. Additionally, applicants must agree to certain conditions set by the bank, such as maintaining a specific account balance, meeting operational standards, and providing regular financial reports.

The N200 billion Presidential Intervention Fund is a transformative opportunity for Nigerian small businesses to reach new heights.

Some of the business people who can benefit from this program:

Eligible Businesses: A variety of small businesses can benefit from this program. Here are some examples of the types of businesses that are eligible:

Retail Outlets: Small Stores these are businesses that operate in a confined space and offer a range of products to consumers, Corner Shops Typically small convenience stores located in residential areas. Petty Traders who sell in small-scale. vendors who sell goods in small quantities. Market Sellers Vendors who operate in a marketplace, selling various goods like food and clothing.

Food Vendors: Street Food Vendors: Individuals who sell food and vegetables on the streets, like stall owners in food courts, and farmers’ market vendors, such as individuals who sell fresh produce in farmers’ markets.

Transportation Services:These are individual who offer a transportation service such as: Wheelbarrow Pushers Provide manual transportation services, mostly in markets or construction sites. Independent Delivery Riders who offer delivery services, often for food or courier companies.

Tech Businesses: Business Centers who Provide services like photocopying, printing, internet access, and computer rentals.  Phone Chargers and Recharge Card Sellers, and those who Sell mobile phone accessories and prepaid credit for mobile networks.  Call center agents who work in a company and handle incoming and outgoing customer calls.

Creative Industries: Makeup Artists: Provide beauty services for events, fashion shows, or personal needs. Fashion Designers those that design and create clothing and accessories. Dry Cleaners those who Offer professional cleaning services for clothes and other textiles.

Service Providers: Vulcanizers: Repair vehicle tires. Shoemakers Design, those that repair, and sometimes manufacture shoes. Painters those who Paint buildings, houses, and other structures. Repair Shops Offer repair services for various items, including electronics, furniture, and vehicles.

Application Process

There are two ways to apply for the grant:

• Online: Applications can be submitted via the official website: www.fedgrantandloan.gov.ng.
• Bank Branch: Applicants can visit their local Bank of Industry branch for more information and assistance with their application.

President Bola Tinubu

Government Support

The Nigerian government is dedicated to supporting small businesses through this N200 billion fund, providing a crucial opportunity for businesses to secure necessary funds for expansion and growth. Don’t miss this chance to take your business to new heights.

The N200 billion Presidential Intervention Fund is a significant opportunity for Nigerian small businesses to secure funding for growth and development. Eligible businesses should take advantage of this initiative by preparing the necessary documents and applying promptly.