The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in collaboration with Sterling Bank Plc has commenced the Matching Fund programme for agro-based SMEs in Nigeria.
The Director-General of SMEDAN, Mr Olawale Fasanya said the initiative was to deliver credit to the sub-sector in six selected states including Anambra, Bayelsa, Delta, Ebonyi, Ekiti and Osun.
He explained that the programme with Sterling Bank as its disbursing entity, would enhance enterprise output, competitiveness and job creation.
The programme targets Nano, MSMEs operating in the Agribusiness space, producing value-added agricultural products. Mr Fasanya stated that prospective beneficiaries may apply for financing within the range of 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 first disbursement, inclusive of the moratorium which may vary between three to six months depending on the type of enterprise.”
Mr Fasanya further emphasized the requirements for a successful application:
“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),”
The Director General stated that prospective beneficiaries could apply by clicking smedan/sterlingbankmatchingfundprogramme on the SMEDAN website
The application deadline is 25th December 2022.