SMEDAN SECURES N5BN LOAN, TARGETS 10,000 SMEs
Written by Oyebamiji Idowu on November 23, 2023
In a significant move to address the challenge of poor information dissemination hindering small businesses’ access to government funding, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has partnered with Sterling Bank. This strategic collaboration aims to bridge the information gap and ensure that eligible SMEs are informed about and able to access the financial support they need to thrive.
Charles Odii, the Director General of SMEDAN, emphasized the importance of effective communication in reaching the right businesses and ensuring that they are aware of the available funding opportunities. He stated that securing funds from various partners is crucial, but informing the right businesses about these opportunities is equally important.
Through this partnership, SMEDAN has secured a N5 billion loan portfolio with Sterling Bank, specifically designed to support over 10,000 Small and Medium Enterprises across Nigeria. This initiative will provide eligible SMEs with access to loans ranging from N250,000 to N2.5 million at a single interest rate.
The application process for these loans is expected to begin in two weeks, and SMEDAN is committed to streamlining the process and providing comprehensive support to ensure that qualified SMEs can benefit from this funding opportunity. This partnership between SMEDAN and Sterling Bank represents a significant step towards addressing the challenges faced by SMEs in accessing funding and fostering a more supportive environment for their growth and success.