The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Bank of Agriculture (BOA), desirous of building synergy in key areas of their respective mandate, have jointly scheduled an intervention – Matching Fund Programme for MSEs – to boost the output of micro and small enterprises (MSEs) across the country.
A press statement issued by the Corporate Affairs Unit of the Agency, in Abuja, quoted the Director General/Chief Executive Officer of SMEDAN, Dr. Dikko Umaru Radda, as saying the two agencies are committed to the successful implementation of the programme in the interest of Nigeria’s MSEs.
He said the Matching Fund initiative which will commence on Tuesday, 15th December, 2020, with the opening of the programme portal is a promotional intervention meant to deliver credit to the sub-sector, with triple objectives of enhancing enterprise output, competitiveness and jobs creation. He also stated that the disbursing entity, under the programme, shall be the Bank of Agriculture Ltd (BOA).
“Target beneficiaries for this programme shall be labour-intensive micro or small enterprises (MSEs), operating in the real sector. These shall ideally have innovative value-added products that are establishing 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 MSEs located in the Federal Capital Territory (FCT), Kaduna and Oyo states to apply for the programme. Finally, Dr. Radda stated that prospective beneficiaries who must be registered with SMEDAN (note that free registration is still on-going), may apply for loans within the range of N1.2 million to N5 million on business–friendly terms. The latter includes waiver of collateral.
How to Apply
Before you start your application, ensure that your business is registered with SMEDAN. Go to the MSME mass registration portal to register.
Here’s how to apply for the N5 million SMEDAN fund:
1. Apply only through the BOA-SMEDAN Fund Application Portal
log on to the BOA-SMEDAN fund portal. All sections are required. Scroll down to continue.
2. Enter Personal Details
Simply fill in your first name and last name. Then enter your business email address. Do not use your personal email.
3. Supply Basic Information
At this stage, you are to provide answers to each of the seven listed questions. The questions range from the number of employees at your organisation and business location to recruitment capacity post-loan and credit history. Tap on “Yes” or “No” to answer.
4. Answer Regulatory Compliance Questions
Here, you are to answer questions showing whether you fulfil the eligibility criteria for the fund. In all, there are five (5) questions including those on the status of your SMEDAN registration, CAC registration and financial statements.
If your business is into food production/packaging, you should have a NAFDAC registration number for your products.
5. Complete Product Evaluation and Submit
This is the last stage of your application. Answer the questions based on the figures from your business operations.
TO APPLY PLEASE CLICK ON THIS LINK : https://www.simplifiedcredit.net/matching-fund/screening