SMEDAN signs pact with banks on grant scheme

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed a pact with Fidelity, SunTrust, Jaiz and Taj Bank to disburse N50,000 grant to 50 beneficiaries of the Conditional Grant Scheme (CGS).

The Director General of SMEDAN, Dr Umaru Dikko Radda, at the event in Abuja said since the inception of the grant in 2016, about 30,000 people have benefited.

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“The MoU is to commence the implementation of the Conditional Grant Scheme (CGS) programme that the agency is implementing.

“We started this programme in 2016 and about 30,000 people have benefited so far.”

He said 10 states have benefited from the scheme so far and six more states will be included this year, adding that in the next three years the 36 states will be part of the scheme.

Radda said the purpose of the scheme is to formalise micro businesses by registering them free with the Corporate Affairs Commission (CAC), provide Business Development Services and give the beneficiary N50,000 grant.

Managing Director of SunTrust Bank, Halima Buba, said entrepreneurship is the way forward for the nation to bridge the unemployment gap and the bank is ready to partner with SMEDAN.

The Deputy Managing Director of Jaiz Bank, Mahe Abubukar, said the signing of the MoU was the fulfillment of one of the dreams of the bank to fully support MSMEs in Nigeria.