7 Frequently Asked Questions For FGN nano business Loan and How to Apply
Monday 6 May 2024
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7 Frequently Asked Questions For FGN nano business Loan and How to Apply
The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents....CLICK HERE TO READ FULL ARTICLE
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...
What is a 'nano business'?
A nano business is a very small-scale business entity, often operated by a single individual or a small team, and typically characterized by its limited size and scope....CLICK HERE TO READ FULL ARTICLE
A Nano business has asset value of value <1m and less than 4 employees with annual turnover <1m.
What is a Bank Verification Number (BVN), and why is it needed for identity verification?
The Bank Verification Number (BVN) is an 11-digit biometric identifier introduced by the Central Bank of Nigeria for customers. It enhances security, reduces fraud, and streamlines financial services by providing a standardised means of verifying and authenticating individual's identities.
BVN links multiple bank accounts, aids in compliance with regulatory policies, and is used beyond banking for identity verification in various services.
BVN provides a unique identity for each beneficiary.
Do I need to have a registered business name to qualify for this opportunity?
No, The beneficiary is expected to register thereafter
When is the deadline for submitting the application for this opportunity?
Deadline will be communicated later
What documents do I need to provide as proof of my residential/business address in the Local Government Area?
Submit business/Residential address with the closest land mark
What personal and bank account information is required for this application?
Account number, Account Name, BVN and NIN
What does it mean to have a business with 'progressive economic potential'?
A business that has the ability to create jobs and increase wages
Grant Eligibility Criteria:
- Own a nano business.
- Operate a business with progressive economic potential, and desire to grow the business.
- Be willing to engage at least one additional staff member if turnover increases
- 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 and National Identification Number (NIN)
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