The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Bank of Agriculture (BOA) have started receiving applications from small businesses ranging from N1.2 million to N5 million loans.
A press statement credited to the Corporate Affairs Unit of the Agency in Abuja during the week, quoted the Director-General and Chief Executive Officer of SMEDAN, Dr. Dikko Umaru Radda, saying that the loans would be funded from the SMEDAN-BOA Matching Fund Programme for small businesses.
Dr. Dikko Radda said the opening of the program portal would be a promotional intervention meant to deliver credit to the small businesses to enhance enterprise output, competitiveness, and job creation.
He hinted that the disbursing entity, under the program, shall be the Bank of Agriculture (BOA).
“Target beneficiaries for this program shall be labor-intensive micro or small enterprises (MSEs), operating in the real sector.
These shall ideally be innovative value-added products that are establishing a 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 micro, small enterprises located especially in the Federal Capital Territory (FCT), Kaduna, and Oyo states to apply for the program.
Dr. Dikko Radda also said that prospective beneficiaries, who must be registered with SMEDAN, will get the loans on business-friendly terms, including waiver of collaterals.