SMEDAN/STERLINK BANK MATCHING FUND FOR MSMEs (N2.5M LOAN) | Apply Now!!!

The SMEDAN/STERLING Bank Matching Fund Programme For Nano, Micro, and Small Enterprises has begun, as announced by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank Plc.

This intervention will provide credit to the sub-sector in six chosen states as a promotional tool to increase enterprise output, competitiveness, and job creation.

Sterling Bank Plc will be the program's disbursing company, so you can get more updates from them regarding these funds for MSMEs.

READ ALSO: Ongoing Grant Opportunities 2022

SMEDAN Grant Eligibility Criteria

i. Target Beneficiaries Definition: Target beneficiaries for this Programme shall be Nano, Micro, and Small Enterprises (NMSES) operating in the real sector with value-added agricultural products.

ii. Financing available under the program: Prospective beneficiaries may apply for financing within the range of N500,000 – N2.5 million.

iii. Conditions/Terms applicable: This is of two parts;

A. The interest rate applicable on all financing under this program shall not exceed single digit per annum

B. The financing tenor is for a maximum period of 30 months, effective from the date of the first disbursement. This includes a moratorium (which may vary between 3-6 months, depending on the type of enterprise.)

iv. Applicable Security: They include the following…

a. The applicant/Enterprise must be within the Agribusiness value chain (Upstream, Midstream & Downstream);

b. The applicant/Enterprise must have CAC registration or State approved registration;

c. A moveable asset to be registered under the National Collateral Registry (NCR).

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SMEDAN Application Procedure

Deadline for application 25 December 2022

Click here to apply

Alternatively, you can apply on the SMEDAN website

Pre-qualified candidates must pay a processing charge of ten thousand (N10,000.00) naira to use the platform's business plan template and no separate training fee will be required.

READ ALSO: AgroHack Challenge for young Nigerian Agriculture Entrepreneurs (1M Naira Grant) | 2022

SMEDAN Eligible States

Based on the criteria above, all suitably qualified Nano, Micro, and Small Enterprises (MSES) located in the following states can apply:

• Anambra
• Bayelsa
• Delta
• Ebonyi
• Ekiti
• Osun

Conclusion

There are so many fund for MSMEs and the SMEDAN/STERLING Bank Matching Fund is one of them. With this information, you should make a good decision as you apply for the SMEDAN benefits.

If you have questions regarding this opportunity, do let me know in the comments below and I'll do my best to answer all your questions.

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