SMEDAN announces new funding for small businesses at single-interest loans
The Small and Medium Enterprises Development Agency of Nigeria (SMEDA) has signed a deal to secure an N6 billion loan for SMEs
The Director-General of SMEDAN, Charles Odi, disclosed that the deal would allow SMEs access a single-digit interest loans
Odi explained the scarcity and the high cost of finance capital for small businesses in Nigeria
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed an MoU with the Bank of Industry and Sterling Bank to provide small businesses access to capital at single-digit interest rates.
The plan aims to support working capital, workplace procurement, and work equipment for small and medium enterprises (SMEs) with N6 billion.
The director-general of SMEDAN, Charles Odi, stated this during the launch of the Sustainable Systems for Research and Innovation Financing (SSRIF II) and the Nigeria Enterprise Support Organisations (ESO) project in Lagos.
The project is funded by the UK’s Research and Innovation Systems in Africa (RISA).
Odi explained the scarcity and the high cost of finance capital for small businesses in Nigeria and stressed the agency’s efforts to open more access for SMEs to secure funding.
According to him, SMEDAN has signed an N5 billion loan deal with Sterling Bank and an N1 billion agreement with Bank of Industry (BoI), and extended efforts in different states such as Enugu, Anambra, Katsina, to support the efforts of SMEs.
