The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), in partnership with Sterling Bank Plc, has started a matching fund programme for agro-based Nano, Micro and Small Enterprises (NMSEs).
In a statement issued on Sunday in Abuja, spokesperson of the Agency, Ibrahim Mohammed, quoted the Director-General, Olawale Fasanya as saying that the intervention is to deliver credit to the sub-sector in six selected states of Anambra, Bayelsa, Delta, Ebonyi, Ekiti and Osun.
The statement said the programme is a promotional mechanism to enhance enterprise output, competitiveness as well as job creation, while Sterling Bank will be the disbursing entity.
He identified Nano, SMEs operating in the real sector with value-added agricultural products as the target beneficiaries for the programme, who may apply for financing of between 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 first disbursement. This is inclusive of moratorium, which may vary between three to six months depending on the type of enterprise,” Fasanya said.
Nano, SMEs operating in the real sector with value-added agricultural products are the target beneficiaries for the programme, who may apply for financing of between N500,000 and N2.5 million.
He 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.
Fasanya said NMSEs can apply by clicking the link: smedan/sterlingbankmatchingfundprogramme on the SMEDAN website (www.smedan.gov.ng), adding once migrated to the smecredits portal, pre-qualification of applicants shall commence.
“Pre-qualified applicants shall be required to pay a processing fee of N10,000 for the business plan template on the platform. A separate training fee is not required,” Fasanya said. (NAN)
