By Frank Ulom
Do you operate a nano business? Are you looking for a grant to boost your business, well, the Presidential Conditional Grant Scheme (PCGS) is for you as successful applicants will get N50,000 each without the hassle of paying back as it is completely free.
According to the Federal Government of Nigeria, the Presidential Conditional Grant to Nano Businesses is part of the Presidential Palliative Programme.
About The PCGS Scheme
The PCGS grant sum is N50,000.00 (Fifty Thousand Naira) per beneficiary, and it is designed to reach one million nano businesses in the 774 local government areas. 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.
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.
The Target Sectors for the Scheme
Below are the businesses that are eligible to apply to the scheme.
Traders
These include single retail marketers, corner shop owners, petty traders, market men and women in open markets
Food Services
These include food and vegetable Vendors
ICT
These include business centre operators, battery chargers, recharge card vendors, call centre agents
Transportation
These include wheelbarrow pushers, independent dispatch riders
Creatives
These include makeup artists, fashion designers, dry cleaners.
Artisans
These include vulcanisers, shoemakers, painters, repairers.
Frequently Asked Questions (FAQ)
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 characterised by its limited size and scope. A Nano business has an asset value of value <1m and less than 4 employees with an annual turnover of <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 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?
18th December 2023.
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 landmark.
What personal and bank account information is required for this application?
Account number, Account Name and BVN
What does it mean to have a business with ‘progressive economic potential’?
A business that has the ability to create jobs and increase wages
HOW TO APPLY
Click HERE To Apply For The PCGS Grant
Once you fill in all the details as stated on the application page and submit, you will get a message on your screen that “Your request has been submitted successfully”, as seen in the screenshot below.
CONVERSEER reports that the PCGS is from the Federal Ministry of Industry, Trade and Investment.
