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Ng Cares Loan — How To Apply For A Business Loan In 3 Steps

Ng Cares Loan
Ng Cares Loan

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The NG-CARES Loan Platform is a government-backed initiative that provides loans to micro, small, and medium-sized enterprises (MSMEs) in Nigeria. The loans are designed to help MSMEs recover from the economic impact of the COVID-19 pandemic and stimulate economic growth.

The NG-CARES Loan Platform is implemented through a network of state-level delivery platforms, including the Bank of Industry’s Government Enterprise Empowerment Programme (GEEP) and state-specific MSMEs platforms. To be eligible for a loan, businesses must meet certain criteria, such as being registered with the Corporate Affairs Commission and having a minimum of two years of operation.

The loan amounts available through the NG-CARES Loan Platform vary depending on the state-level delivery platform. However, loans typically range from NGN 10,000 (US$28) to NGN 300,000 (US$835). The interest rates on the loans are also variable, but they are typically lower than the market rate.

The repayment period for NG-CARES loans is typically 12 months. However, businesses may be eligible for a grace period of up to 6 months.

The NG-CARES Loan Platform is a valuable resource for MSMEs in Nigeria. The loans can help businesses to cover their operating costs, expand their businesses, and create jobs. If you are an MSME in Nigeria, you should consider applying for a loan through the NG-CARES Loan Platform.

Eligibility Requirements to Obtain Loan From NG Cares

The eligibility requirements to obtain a loan from NG Cares vary depending on the Result Area you are applying for. However, some general eligibility requirements include:

  • You must be a resident of Nigeria.
  • You must be a Micro, Small, or Medium-sized Enterprise (MSME).
  • Your business must have been adversely affected by the COVID-19 pandemic.
  • You must have a valid business registration certificate.
  • You must have a good credit history.

For more specific eligibility requirements, please visit the NG Cares website and select the Result Area you are applying for.

Here are the eligibility requirements for each Result Area:

  • Result Area 1: Increased social transfers, basic services, and livelihood support to poor and vulnerable households:
    • You must be a poor or vulnerable household.
    • You must be a member of a community or group that is eligible for assistance.
  • Result Area 2: Increasing food security and safe functioning of food supply chains for poor households:
    • You must be a small-scale farmer or food trader.
    • You must have been adversely affected by the COVID-19 pandemic.
  • Result Area 3: Facilitating recovery and enhancing capabilities of MSEs:
    • You must be a Micro, Small, or Medium-sized Enterprise (MSME).
    • Your business must have been adversely affected by the COVID-19 pandemic.
    • You must have a valid business registration certificate.
    • You must have a good credit history.

If you meet the eligibility requirements, you can apply for a loan from NG Cares through your state government. The application process varies from state to state, so please contact your state government for more information.

READ ALSO: Kashcash Loan App: How to Apply, Requirements and Benefits

How To Apply For The NG Cares Loan

The NG-CARES loan is a loan program for small businesses and entrepreneurs in Nigeria that was created to help them recover from the economic impact of the COVID-19 pandemic. The loan is administered by the Federal Ministry of Finance, Budget and National Planning, and is available through state-level implementing agencies.

To apply for the NG-CARES loan, you must meet the following eligibility criteria:

  • You must be a small business or entrepreneur in Nigeria.
  • Your business must have been operating for at least one year.
  • Your business must have been adversely affected by the COVID-19 pandemic.
  • You must be able to provide proof of your business’s financial hardship.

The application process for the NG-CARES loan is as follows:

  1. Contact your state-level implementing agency to find out if they are offering the NG-CARES loan.
  2. If your state is offering the loan, you will need to submit an application form.
  3. The application form will require you to provide information about your business, your financial hardship, and your ability to repay the loan.
  4. Once your application is submitted, it will be reviewed by the implementing agency.
  5. If your application is approved, you will be offered a loan.

The amount of the NG-CARES loan that you are eligible for will depend on the size of your business and the amount of your financial hardship. The maximum loan amount is NGN 1 million (about US$2,800).

The interest rate on the NG-CARES loan is 9% per year. The loan repayment period is up to 5 years.

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