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In conjunction with JAiz Bank, the Small and Medium Enterprises Development Agency (SMEDAN), according to Director General Dr. Olawale Fasanya, will begin…
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Smedan loan: The Small and Medium Enterprises Development Agency (SMEDAN) Director General, Dr. Olawale Fasanya, announced that the organization will begin distributing N1.2 billion in matching funds to Micro, Small, and Medium Enterprises across the nation in collaboration with JAiz Bank.
At a press conference to mark this year’s World MSME Day, which had the theme “Building a stronger future together,” Fasanya made this statement on Monday in Abuja.
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“SMEDAN have over N600 million match funds on the ground and Jaiz Bank is matching it with another N600 million which means there is about N1.2 billion available and when we get our allocation for this year, we will expand,” he claimed.
NIRSAL was involved because of the risk connected with agribusiness, he said, adding that the pilot program started with people in the agribusiness industry and will be expanded to more industries if finances are available.
The DG stated, “The intervention distributes credit as a promotional device to increase company output, competitiveness, and job creation. Loans ranging from N500,000 to N2.5M are available to prospective beneficiaries.
When asked what the agency is doing to mitigate the effects of subsidy removal on MSMEs, he responded that SMEDAN “Procured newest equipment/machines using the Common Facility Center concept to cut down on operational expenses and to enable MSMEs to become competitive not just in pricing but also in quality.
The CFCs have so far been created in Abuja (garment, furniture, and product packaging), Katsina (garment), Kaduna, and Nnewi (manufacturing of automotive components), and Ikorodu (packing of fast-moving consumer goods).
Fasanya added that the agency is anticipating receiving its operational license soon from the Central Bank of Nigeria to start operating the SMEDAN micro-finance bank where MSMEs can access credit more easily. This will allow the agency to run its other operations independently of the normal government subvention it receives, he said.
The most recent MSME survey was completed in 2020 during the COVID-19 era, he continued, and another one will be undertaken by the agency the following year. But he added that SMEDAN would soon release the results of a survey on MSME competitiveness that had just been completed.