The Nigerian Government has recently launched the Presidential Intervention Fund to support small businesses across the country. The initiative aims to provide financial assistance to help businesses grow and thrive. The government has allocated up to N200 Billion for this purpose.
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FG N200 Billion Grant December 2024
The Nigerian Government is dedicated to helping small businesses grow and succeed by providing financial support through this fund. The initiative funds the creation of a more robust and sustainable economy by empowering small businesses. This Grant is available to small businesses operating within Nigeria.
What are the requirements for the FG N200 Billion December 2024
To qualify for this grant, businesses must the following requirements –
Proof of Business– Applicants must provide the legal documents that confirm the business’s existence and legality.
Required documents included-
Certificate of incorporation– This document proves that the business is legally registered and exists.
Particulars of all Directors- This includes information about the individuals who are responsible for running the business entity or the firm that is registered.
Form A (Article of Association)- This document outlines the business rules and regulations of the company.
Bank Statement of the company- Businesses need to provide updated bank statements that they are existing businesses and show statements to provide financial statements for the past six months. This helps the Bank assess the business’s financial health and cash flow.
The new start-up needs to provide the bank statement of the main person in charge. This helps the bank understand the start-up leader’s financial background.
Businesses Background – Businesses must meet a minimum monthly income threshold set by the Bank of Nigeria. This ensures that the Business generates more revenue to sustain itself and repay the loan.
Guarantee and the Agreements of the business
Applicants may need to provide a personal guarantee for the loan. This means that if the business fails, the guarantor will be responsible for repaying the loan.
Businesses must agree to certain conditions set by the bank, such as maintaining a minimum account balance, following operation standards, and providing financial results regularly. These agreements help safeguard the bank’s interests and ensure responsible financial management.
How to fill out the form of FG 200 Billion Grant December?
Applicants who want to fill up the form correctly must follow some steps to fill up the form correctly-
- Personal information- Applicants must enter their details such as full name, contact information, and any other required process data.
- Business information- Applicant must provide accurate and correct information about the business, including its name registration details, location, and type.
- Financial details- Applicants may need to provide financial information about the business such as revenue expenses and bank account details linked to their bank verification number.
- Applicant must upload all the required documents such as proof of registration, identification documents, and any other relevant paperwork.
How to apply for the FG 200 Billion Grant in December?
To receive the FG 200 Billion Grant in December. Applicants must follow some steps. There are two ways to apply for this Grant.
- Online Apply – Applicants who want to apply for the FG 200 Billion December. Applicant must go to the official website of the Grant
- Offline Apply -There is one more way to apply for the grant is offline. Applicants can visit the nearest branch for more information and application forms.
What are the dates for the FG N200 Billion Grant?
The FG N200 billion fund to support small businesses in Nigeria. The chances of disbursing the fund amount to the small business in the country is not officially announced yet, but it is going to disburse in the mid of December.
Types of business can benefit from this grant
- Retail Outlets such as Small Shops, Corner Shops, Petty Traders, and Market Sellers.
- Food Vendors such as Street Food Vendors, Stall Owners in Food Court, and Vendors in small markets.
- Tech Businesses such as Business Center operators, Phone chargers and recharge card sellers, and call center agents.
- Transportation services such as Wheelbarrow Pushers and independent Delivery Riders.
- Creative Industries such as makeup artists, fashion designers, and dry cleaners.
- Service Providers such as Shoemakers, Painters, Repair Shops and Vulcanizers.
Vishal is an education finance expert and advisor specializing in scholarships and financial literacy. With 15+ years’ experience, she guides students in making informed, strategic decisions to achieve academic funding success.