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SMEDAN & Bank of Agriculture Opens 5m Loan to Support MSMEs

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The Small and Medium Scale Entreprise Development Agency of Nigeria (SMEDAN) in partnership with Bank of Agriculture (BOA) is creating synergy towards improving the capability of small businesses across the nation with a Matching Fund Programme.

A statement given by the Corporate Affairs Unit on the organisation in Abuja quoted the Director General as well as Chief Executive Officer of SMEDAN, Dr. Dikko Radda is stating that the 2 bodies have been motivated to see the undertaking work in the growth of Nigerian MSMEs.

He stated the Matching Fund effort that would commence about the 15th of December, 2020, with the opening of the programme portal is a promotional intervention meant to deliver credit, to the sub sector, to improve business output, competitiveness, along with jobs creation.

He also stated the disbursing entity, placed under the programme, shall function under BOA.

He stated: “Target beneficiaries for this programme shall be labour-intensive micro or small enterprises (MSEs), operating in the real sector. These shall ideally be innovative value-added products that are establishing a footprint in the Nigerian market, and require additional funds to increase output.”

He, consequently, called for applications from almost all suitably qualified MSEs placed inside the Federal Capital Territory (FCT), Kaduna, along with Oyo state to appky for the program.

Radda even reported that potential beneficiaries who must be registered with SMEDAN might apply for loans inside the assortment of N1.2 zillion to N5 million on business friendly terms including waiver of collaterals.

Remember that your company have to be registered with SMEDAN so that you can submit an application. Furthermore, registration with SMEDAN is definitely free.

The portal for registration will be available shortly.

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