The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Jaiz Bank Plc financing initiative aimed at boosting the capacity of micro and small enterprises (MSEs) across the country has commenced.
A statement by the Corporate Affairs Division of the Agency in Abuja, quoted the Director General and Chief Executive Officer of SMEDAN, Dr. Dikko Umaru Radda as saying that the two institutions are determined to see this project work in the interest of Nigerian MSEs.
He said the Matching Fund initiative which opened its portal to the public, on 22nd February, 2022, is a promotional intervention meant to deliver credit, to the agri-business sub-sector, to enhance enterprise output, competitiveness and jobs creation
He also stated that the disbursing entity, under the programme, shall be Jaiz Bank Plc, who is the Agency’s latest partner on the initiative.
SMEDAN added that target beneficiaries shall be labour-intensive micro or small enterprises (MSEs) producing value-added products while operators in primary agriculture and warehousing shall also be considered.
He therefore called for applications from all suitably-qualified MSEs in Katsina, Kogi, Bauchi and Adamawa (i.e. current window) to apply for the programme.
Radda also stated that prospective beneficiaries, who must be registered with SMEDAN, may apply for financing within the range of N1.2 million to N5 million, noting that the financing is on business-friendly terms
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was established by the SMEDAN Act of 2003 to promote the development of the MSME sector of the Nigeria Economy.
The Agency positions itself as a One Stop Shop for MSME Development. Micro Enterprises are included in the clientele of the Agency since they form the bedrock for SME’s
Their vision is to establish a structured and efficient micro, small and medium enterprises sector that will enhance sustainable economic development of Nigeria
Their mission is to facilitate the access of micro, small and medium entrepreneurs and investors to all resources required for their development. Justification for our existence.
Poverty, due to lack of access to income earning opportunities and lack of capacity to take advantage of the opportunities, is a social malaise that is threatening global prosperity in general and national economic growth and development in particular. a well developed MSMEs sector has proven to be one of the most veritable channels to combat poverty.
The establishment of SMEDAN is therefore justified by the need to trigger the development of Nigeria’s MSMEs in a structured and efficient manner.
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