Imagine you have a business idea that you would love to start up but you don’t have the capital, imagine you just started a business but you don’t have the capital to scale up, what if you’re in an emergency and you need funds to seek out yourself, the NG Cares loan package has bridged the gap.
In this article, we will discuss extensively how to apply for the NG Cares loan, the eligibility criteria, how to get accepted and some of the most frequently asked questions on this topic. Stay tuned, you will learn a lot.
An Overview of NG Cares Loan Platform
The NG Cares loan stands for National COVID-19 Action Recovery and Economic Stimulus. This loan platform aims to help all who are affected by the COVID-19 pandemic of 2020, this relief fund comes as a medium to sympathize with affected individuals, businesses, and cooperation that were adversely affected by the global pandemic.
Furthermore, apart from the fact that the federal government has created this loan and its platform to help those affected by the pandemic, the aim of this loan is equally to help over 100 million Nigeria out of poverty, those who applied and get accepted.
This is why the federal government of the country has made this loan application process as easy as possible and has equally made its eligibility requirements easier for people from all over the country.
You can apply for this loan without any collateral, you can apply for this loan irrespective of your state of origin, all you need to do is to read this article to the end and apply as we will be directing you.
Next, we will discuss in detail, some of the eligibility requirements to obtain a loan from the NG Cares loan platform. Stay tuned
Eligibility Requirements to Obtain Loan From NG Cares
The eligibility requirements to obtain a loan from this loan platform are divided into two categories, those going for micro-businesses and those going for small businesses, each of the two categories has unique eligibility requirements you must meet before you stand the chance of being accepted for the loan.
Some of the expectations that NG Cares expects from businesses are
- Micro businesses
- Small sized businesses
Micro Businesses
For anyone who wishes to obtain a loan from the platform under the micro business category must fulfill the following requirements;
- The minimum accepted number of workers you must have is 3 to 9, this means that if you have just two workers, your loan application will not be accepted.
- Your business must be feasible, some would want to obtain a loan from this platform just because they want to, not necessarily for their businesses, this is why this condition has been given before your loan application will be accepted and approved, your business will be vetted to be sure you can repay the loan you wish to borrow from the platform. This is why the feasibility of your business and how you intend to pay back the loan are very important during your loan application process.
Small Businesses
For those obtaining a loan under this category, your minimum number of workers must be 10, anything below this will lead to the termination of your loan application.
- When applying for the loan, this will be well-checked before the loan will be credited to you. The number of workers should be between 10 to 50. In addition to this, you must fulfill the following conditions;
- Your business must be feasible; what this means is that you have to provide a valid road map on how you intend to utilize the money to pay it back in the stipulated time.
- This is very important, the platform does not ask you for collateral during the loan application process, this means that they need another means of validity for you to show you are capable of paying back the loan at the stipulated time.
- All needed documents must be provided in full before the platform will approve your loan request and grant it. This is very important, when providing your documents, make sure you provide original documents that are up to date.
Documents Needed To Apply For An NG Cares Loan
The following documents below are to be provided during the point of the loan application, failure to provide any one of these documents will lead to the automatic disqualification of your loan application process. Some of the documents are;
- A verified BVN printout, there must a bank stamp on it, to be sure it is verified
- You will need a valid proof of business operations, to validate the existence of your business, this valid proof of business operations can include your business bank statement and business cash books.
- Whether you’re applying as a small business or a medium size business, your business must be registered under CAC or TIN, this is a very important requirement. If not, your loan application process will not be accepted.
- You must provide evidence of your age, this can be your National Identity Number, your Voters Card, or Your Driver’s license, a valid means of age identification is a must.
- You must also provide a valid means of identification of your residence in the country. This is a prerequisite for the success of your loan application process.
How To Apply For The NG Cares Loan
For you to apply for the NG Cares loan and get accepted you need to follow these simple steps below, they are
- Firstly, you need to visit the link below; https://www.ngcaresbusiness.org
- The next thing that will be displayed is the list of all the states in the country, you are to choose the state your business is located then click on the ” Go To Portal” icon on your right.
- Wait for some time, the platform will take you to the official loan program of the state you have chosen.
- Then provision will be made available for you to input all your details correctly, this is one of the most important aspects of this process. Make sure every detail is imputed correctly and every document is provided as required, missing any of the requirements will lead to the automatic disqualification of your loan application. After you’ve provided all that is required, the platform will check your eligibility requirements, if you merit it, the loan will be given to you and you will be credited immediately.
Alternatively, if you don’t want to apply through the steps above, you can apply for this loan through some of the community heads in your state. Some of the community heads you can apply via are as follows
- Community CDC chairman, you will find him in your state local government house.
- You can equally apply through the youth president.
- You can apply through the community women leaders, they’re also found in your state local government.
- To apply through any of the above-mentioned, you can meet them at their respective offices, pick up the free application form and apply. If you don’t have a good knowledge of the internet, you can apply this method explained above.
How To Contact NG Cares
There are numerous ways you can contact the NG Cares platform, some of the ways are
- Address No 14 Mousa Crescent off Thomas Sankara Street, Asokoro, Abuja, the Federal capital territory, Nigeria
- Phone number: +234714534703
- Email Address: info@ngcares.gov.ng
Frequently Asked Questions
Do I need collateral for an NG cares loan?
You do not need collateral to pay for the NG cares loan, all you need is to follow through with the application process that has been explained in this article.
Just make sure you provide all the needed documents and make sure you meet the criteria for application.
Can I apply if I don’t have a business?
You cannot apply for the NG cares loan if you don’t have a business, you can either apply from the category of small business or apply from the category of medium size businesses.
How long does the loan last?
This depends largely on the amount of loan you applied for, and the agreed terms of condition, it can be 6 months, it can be 1 year, it can be more than that, and it all boils down to the terms of the agreement.
Bottom Line
The NG care loan package is one of the easy-to-access loans in Nigeria, either for business or personal use.
We have outlined everything you need to know about this platform; from the requirements to how to apply for a loan.
We are confident that this article was worth the read. Do you have any questions about this? Share in the comments section. We will respond swiftly.
