Jaiz Bank, SMEDAN Matching Fund Initiative to grow MSEs begins

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Jaiz Bank Plc Matching Fund initiative to boost the capacity of Micro and Small Enterprises (MSEs) has begun.

A statement issued in Abuja on Thursday the by Corporate Affairs Division of the agency, quoted the Director-General of SMEDAN, Dr Dikko Radda as saying “the institutions are determined to see the project promote MSEs.”

Radda said the financing initiative which opened its portal to the public on Feb. 22, was a promotional intervention meant to deliver credit to the agri-business sub-sector.

He added that the initiative would enhance enterprise output, competitiveness as well as create jobs.

“The disbursing entity, under the programme, shall be Jaiz Bank Plc, which is the agency’s latest partner on the initiative,” Radda said.

According to him, as previously obtained, target beneficiaries shall be labour-intensive MSEs.

“These shall ideally be producing value-added, products but operators in primary agriculture and warehousing shall also be considered,” he said.

Radda called for applications from all suitably-qualified MSEs in Katsina, Kogi, Bauchi and Adamawa (i.e. current window) to apply for the programme.

The SMEDAN boss also said that prospective beneficiaries, who must be registered with the agency, may apply for financing within the range of N1.2 million to N5 million.

According to him, the financing is on business-friendly terms.