Bank of Agriculture, SMEDAN to Fund Nigerian SMEs 2021 – Apply

Bank of Africa, SMEDAN to Fund Nigerian SMEs 2021 - Apply
Bank of Africa, SMEDAN to Fund Nigerian SMEs 2021 – Apply

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Bank of Agriculture have jointly scheduled an intervention – Matching Fund Programme for MSEs. They initiated this synergy in key areas of their respective mandate to boost the output of micro and small enterprises (MSEs) nationwide.

According to a press statement issued by the Corporate Affairs Unit of the Agency, in Abuja, the Director General/Chief Executive Officer of SMEDAN, Dr. Dikko Umaru Radda, said the two agencies are committed to the successful implementation of the programme in the interest of SMEs in Nigeria .

He added that, the Matching Fund initiative which will commence on Tuesday, 15th December, 2020, with the opening of the programme portal is a promotional intervention meant to deliver credit to the sub-sector, with triple objectives of enhancing enterprise output, competitiveness and jobs creation. He also stated that the disbursing entity, under the programme, shall be the Bank of Agriculture Ltd (BOA).

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

In this regards, he declared applications open to all suitably-qualified MSEs located in the Federal Capital Territory (FCT), Kaduna and Oyo states to apply for the programme.
On a conclusive note, Dr. Radda stated that prospective beneficiaries who must be registered with SMEDAN, may apply for loans within the range of N1.2 million to N5 million on business–friendly terms. The latter includes waiver of collateral.

It should be noted by those who have not registered their business that free registration is still on-going.

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