We are thrilled to announce the commencement of the Presidential Conditional Grant Scheme (PCGS), a vital component of the Presidential Palliative Program initiated by the Federal Government of Nigeria.
Please note that we have Presidential Conditional Grant Scheme (PCGS) and Presidential and Conditional Loan Scheme (PCLS]. This article details on how to apply for PCGS only. However, if you are interested in also applying for PCLS, check our previous post.
About PCGS
The PCGS offers a generous grant of N50,000.00 (Fifty Thousand Naira) per beneficiary and aims to support one million nano businesses across the 774 local government areas. In a collaborative effort, the Federal Government will work with State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members. These entities will utilize the Federal Government’s selection criteria to shortlist deserving beneficiaries from their respective constituents.
The target beneficiaries include 70 percent women and youth, 10 percent individuals with disabilities, and 5 percent senior citizens. The remaining 15 percent will be distributed among other demographics, ensuring a broad impact.
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How to Apply for PCGS
Interested individuals can apply through the official application link: https://grant.fedgrantandloan.gov.ng/apply. The application form requires essential details such as surname, other names, email, phone number, gender, residential address, state, local government area, and disability status.
Additionally, applicants need to provide their bank details, including BVN, date of birth, participating bank, account number, and account name. The form also seeks information about the business type/sector, business line, additional investment needed, and business value.
Frequently Asked Questions
1). What is a ‘nano business’?
- A nano business is a very small-scale business entity characterized by limited size, often operated by a single individual or a small team. It typically has an asset value of less than 1 million and fewer than four employees, with an annual turnover of less than 1 million.
2). What is a Bank Verification Number (BVN), and why is it needed?
- BVN is an 11-digit biometric identifier introduced by the Central Bank of Nigeria for customer identity verification. It enhances security, reduces fraud, and provides a standardized means of authenticating individuals’ identities. BVN is crucial for linking multiple bank accounts, complying with regulatory policies, and verifying identities.
3). Do I need to have a registered business name to qualify?
- No, registration is expected after becoming a beneficiary.
4). When is the deadline for submitting the application?
- The deadline for submission is 18th December 2023.
5). What documents are needed for proof of residential/business address?
- Submit business/residential address with the closest landmark.
6). What personal and bank account information is required for the application?
- Account number, account name, and BVN.
7). What does it mean to have a business with ‘progressive economic potential’?
- A business with the ability to create jobs and increase wages.
Seize this opportunity to propel your nano business forward. Apply now and be part of the transformative journey facilitated by the PCGS.
I will like to be a pataker of this program