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SMEs in 6 states to get SMEDAN’s matching funds

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank Plc, have selected six states for the Matching Fund Programme for agro-based…

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank Plc, have selected six states for the Matching Fund Programme for agro-based Nano, Micro and Small Enterprises (NMSEs). 

In a statement by the agency, the Director-General of SMEDAN, Olawale Fasanya, said the intervention was to deliver credit to the sub-sector in six selected states of Anambra, Bayelsa, Delta, Ebonyi, Ekiti and Osun.

According to Fasanya, the programme is a promotional mechanism to enhance enterprise output, competitiveness and job creation and the disbursing entity, under the programme shall be Sterling Bank Plc.

He identified Nano, MSMEs operating in the real sector with value-added agricultural products as the target beneficiaries for the programme.

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Fasanya said that prospective beneficiaries may apply for financing within the range of N500,000 and N2.5 million.

“The interest rate applicable on all financing under this programme shall not exceed single digit per annum.

“The financing tenor is for a maximum period of 30 months effective from the date of the first disbursement. This is inclusive of the moratorium, which may vary between three to six months depending on the type of enterprise,” Fasanya said.

He further said that applicants or enterprises wishing to apply must be within the agribusiness value chain.

“The applicant/enterprise must have a Corporate Affairs Commission (CAC) registration or state-approved registration and a movable asset to be registered under the National Collateral Registry (NCR),” he said.