SMEDAN, BOA Open N5m Loan Application For Small, Medium Businesses

Application for the Small and Medium Enterprises Development Agency of Nigeria and the Bank of Agriculture (SMEDAN-BOA Matching Fund) Loan will begin on Tuesday 15 December 2020.

In a press statement issued by the Corporate Affairs Unit of SMEDAN in Abuja, the loans would be funded from the SMEDAN-BOA Matching Fund Programme for small businesses, eligible MSMEs will be able to access between N1.2 million to N5million loans to aid their business growth.

Speaking further, the Director General and Chief Executive Officer of SMEDAN, Dr. Dikko Umaru Radda, said the opening of the programme portal would be a promotional intervention meant to deliver credit to the small businesses to enhance enterprise output, competitiveness and jobs creation. Stating that the disbursing entity, shall be the Bank of Agriculture (BOA).

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“Target beneficiaries for this programme shall be labour-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 in the Federal Capital Territory (FCT), Kaduna and Oyo states to apply for the programme.

Dr.Radda also said that prospective beneficiaries, who must be registered with SMEDAN, will get the loans on business-friendly terms, including waiver of collaterals.

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