100,000 Small Businesses Get N50,000 Presidential Grant

100,000 Small Businesses Get N50,000 Presidential Grant – Trade Minister

To learn how to apply, read the full article.

Recently, more than 100,000 small businesses across the country got N50,000 each through the Presidential Conditional Grant Scheme, also known as the Trade Grants Scheme.

Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, says the beneficiaries are micro-businesses with one or two employees and annual turnover below N3 million. The disbursement, which began a few weeks ago, aims at 1,291 micro-businesses per Local Government area.

Started in December 2023 as part of the Presidential Palliatives Programme, the Federal Government allocated N200 billion to support micro-businesses. Originally scheduled for March 9, 2024, the Trade Grant Scheme targets sectors like trading, food services, ICT, transportation, creative arts, and artisans, offering non-repayable financial grants.

 

 

In a statement last Wednesday, the minister announced the start of distribution. However, she mentioned that verified applicants would receive grants in subsequent phases as the ministry continues to gather verified data from the states.

After verification based on criteria including owning a micro-business and validation through Bank Verification Number and National Identification Number, successful applicants receive N50,000 directly into their accounts.

Minister Uzoka-Anite aims to reach one million micro-businesses across the 774 Local Government areas and six council areas in the Federal Capital Territory. About 100,000 businesses have already received the initial disbursement, with ongoing efforts to reach the target of one million beneficiaries.

This development follows President Tinubu’s announcement eight months ago regarding grants for manufacturers and small businesses. It also follows a recent directive for applicants to submit their National Identification Numbers (NINs) to ease the impact of recent economic reforms on businesses in the country.

 

 

How to Apply

  1. Eligibility Check: Ensure that you meet the eligibility criteria set by the scheme. This typically includes being a micro-business with one or two employees and an annual turnover below N3 million.
  2. Gather Required Documents: Collect all necessary documents for the application process. This usually includes your Bank Verification Number (BVN) and National Identification Number (NIN).
  3. Application Submission: Submit your application through the designated channel. This could be an online portal or a physical application form, depending on the instructions provided by the scheme organizers.
  4. Verification Process: After submitting your application, it will undergo a verification process to confirm your eligibility and the authenticity of the information provided.
  5. Grant Disbursement: If your application is successful and passes the verification process, you will receive the grant amount directly into your bank account. This disbursement is typically done electronically.
  6. Follow-Up: Keep track of any communication from the scheme organizers regarding the status of your application. In case of any additional requirements or updates, make sure to comply promptly.

By following these steps carefully, you can successfully apply for the Presidential Grant Scheme and access the financial support offered to micro-business owners

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