SMEDAN Sets To Give N5m Loan to SMEs – (See How/When to Apply)

SMEDAN Sets To Give N5m Loan to SMEs.

The sum of N1.2M to N5M has been set aside by the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, to give out as a loan to small scale business owner.

SMEDAN in a statement by its Director-General and Chief Executive Officer, Dikko Radda, noted that it would open its portal to citizens starting from Tuesday, December 22, to fill in their details for the loan.

The statement made available to newsmen through the Corporate Affairs Unit of the Agency, the loans would be funded from the SMEDAN-BOA Matching Fund Program for small businesses.

Mr Radda said the intervention program is targeted at delivering funds on ‘loan’ to small business owners to support their output and create more jobs and competitions. He added that the disbursing entity, under the program, shall be the Bank of Agriculture, BOA.

 “Target beneficiaries for this program shall be labor-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,” the Director-General noted.

Mr Radda, however, noted that prospective beneficiaries must be registered with SMEDAN, adding that they would get the loans on business-friendly terms, including waiver of collateral.

He charged qualified small business owners within the axis of the Federal Capital Territory, FCT, Kaduna and Oyo States to take advantage of the program.