SMEDAN, Jaiz Bank partner on matching fund for MSEs

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.