Government Loans and Grants for Businesses 2023 in Nigeria | Apply Here

Government Loans and Grants for Businesses 2023 in Nigeria: Are you in need of funds to start up a business? Have been looking out to receive a share of the national cake?

Do you need a loan to expand your business? Then you should apply for the several government empowerment schemes and get a no-interest loan or grant.

In this article, we will be listing some of the important loans and grants available this 2022. A loan is a money given to a person or business that is repayable within a stipulated time with interest.

While a grant is a sum of money given by the government or any other organization for a particular purpose. Loans are repayable, unlike grants.

The Nigerian government and some other organizations are disbursing loans and grants to small businesses to help them grow their trade. Unlike the regular loans, these government loans are low-interest loans while some require no interest at all.

If you have a small business, or you plan on starting up something, and you need funds to actualize this, then ensure to apply for these available loans. We will be listing out loans and grants which are available for grabs this 2023. Do well to utilize this opportunity.

General Requirements for Government Loans and Grants 2023 | Details

As much as the application for these loans is not difficult, not everybody can participate in government loans. This is because applicants must meet the requirements for these funds.

The general requirements for these available governments loans and grants include the:

  • Citizenship: these funds are for Nigerian citizens alone. However, some loans are only available to people from certain states. We shall see this when we start listing these loans;
  • Age requirement: all those seeking these government loans and grants must be 18 years old or above and below 50;
  • Business ownership: these loans and grants are for business owners who need funds to expand their businesses. Also, individuals who want to start up businesses are also eligible for these loans;
  • Ability to repay: those applying for loans must be able to pay back these loans at the end of a stipulated time. Grants are free and non-refundable.

Available government loans and grants

Government loans and grants for businesses 2022 in Nigeria: Most of the government loans available this year have been on since 2019. Most of these loans are to help individuals and businesses bounce back from the covid-19 pandemic. Here are some government loans and grants that are available for grabs:

CBN Covid-19 Loan

The federal government is giving out N50 billion naira worth of loans this year. This loan is meant to help families, micro, small and medium enterprises (MSMEs) get over the economical setback that came with the covid-19 pandemic. Every participant gets the sum of 300,000 naira which is repayable in 2 years’ time.

This loan has been ongoing since 2022 but the majority have not been able to apply for it. This resulted from a lack of information on how to access this loan. However, this article contains all you need to know about this loan, including how to apply.

To apply for this loan click HERE.

NG CARES Stimulus Program 2021

The Nigerian government stimulus program is a federal government loan that was started last year. This project was initiated with the support of the World Bank, to help alleviate the economic effect of the covid-19 pandemic in the world.

The federal government in unity with the World Bank is giving out 2.7 billion dollars to participants of this loan. To apply for this loan, click HERE.

GEEP 2.0 Loan

GEEP 2.0 loan is the second wave of the GEEP loan. GEEP loan is a federal government loan for existing micro, small and medium enterprises (MSMEs) in Nigeria. This loan is for MSMEs that are registered with the corporate affairs commission.

GEEP is an interest-free loan within the range of 10,000 naira to 300,000. Participants of this loan can borrow from 10,000 naira up to 300,000 on a graduating scale.

To learn more about this loan include the application details, click HERE.

Federal Government SMEDAN Loan

The federal government SMEDAN loan was established in 2003 and is still functional to date. SMEDAN stands for small and medium enterprises development agency of Nigeria. Its objective is to aid, guide, and facilitate the advancement of the small and medium enterprises sector of the economy.

This government loan is for small and medium businesses. The loan can be applied for individually or as a group. To learn more about this loan including the application, click HERE.

Available Loans and Grants from Other Organizations

As we said earlier, loans are given by the government and other organizations. These organizations can be financial institutions like banks, labor unions, and many others. We shall look at some available loans provided by these bodies that are up for grabs this year.


This bank (Stanbic ibtc) is giving out loans to individuals, and small and medium-scale enterprises that need capital for business purposes. This loan is made affordable to customers to help improve their standard of living.

To learn more about this loan and how to apply for it, click HERE.

Polaris Bank Loan

Polaris Bank is offering different types of low-interest loans to customers this year. These loans range from personal loans to market loans. However, to apply for this loan, you must be banking with Polaris bank.

To learn more about this loan including the application, click HERE.

Bank of Agriculture SMEDAN Fund Program

The bank of agriculture (BOA) in partnership with SMEDAN is giving out loans to small and medium businesses and also to farmers. Participants can get up to 5 million naira worth of loans.

To learn more about this loan including the application, click HERE.

Youth Investment Fund

This is a grant for Nigerian youths. If you are a youth and in need of capital to start up something then you should endeavor to apply for this grant.

There are many grants under the youth investment fund. Participants can get up to 300,000 naira. To learn more about this loan including the application, click HERE.


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