The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Bank of Agriculture (BOA), desirous of building synergy in key areas of their respective mandate, have jointly scheduled an intervention – Matching Fund Programme for MSEs – to boost the output of micro and small enterprises (MSEs) across the country.
A press statement issued by the Corporate Affairs Unit of the Agency, in Abuja, quoted the Director General/Chief Executive Officer of SMEDAN, Dr. Dikko Umaru Radda, as saying the two agencies are committed to the successful implementation of the programme in the interest of Nigeria’s MSEs.
He said 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 said.
He therefore called for applications from all suitably-qualified MSEs located in the Federal Capital Territory (FCT), Kaduna and Oyo states to apply for the programme. Finally, Dr. Radda stated that prospective beneficiaries who must be registered with SMEDAN (note that free registration is still on-going), may apply for loans within the range of N1.2 million to N5 million on business–friendly terms. The latter includes waiver of collateral.
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