“Apply Now”: SMEDAN Begins Disbursement of N5bn to Small Business Owners accross Nigeria, Sets Criteria to Qualify

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The Smal Medium Enterprises Development Agency of Nigeria (SMEDAN) says small and medium-sized enterprises (SMEs) have begun accessing the N5 billion low-interest rate loan secured from Sterling Bank.The agency said some SMEs are finding it challenging to meet the bank’s criteria and is offering support to help overcome the hurdles.

SMEDAN removes hurdles to funding
The director-general of SMEDAN, Charles Odii, met Sterling Bank’s managing director, Abubakar Suleiman, on Tuesday, May 14, 2024, to address the issues.

According to Odii, he met with the bank’s MD/CEO to discuss the SMEDAN-Sterling loan programme, offering N5 billion to small businesses at a single-digit interest rate to increase access to funding.
He said: “While disbursements have been made and are ongoing, I raised concerns we received about the application process and difficulties some have faced in reaching the disbursement stage.

“The bank explained issues with formalization and other factors that prevented some businesses from meeting their eligibility criteria. “We agreed on an action plan to address this, including continuous updates to the digital platform for a seamless experience, support for applicants who failed the eligibility test to address the responsible factors, and providing clear answers to applicants’ questions online or at bank branches.

According to Cable reports the agency will contact successful applicants to monitor their progress and offer tailored support to ensure the opportunity to leverage the benefits of the loan. The agency signed an agreement with Sterling Bank to provide small businesses with a nationwide N5 billion loan facility.

FG begins sharing N200bn to small business owners President Bola Tinubu launched the initiative on October 17, 2023, to ease the removal of the petrol subsidy and other economic effects on Nigerians. The minister of Industry, Trade and Investment, Doris Uzoka-Anite, said on Monday, April 22, 2024, that the decision was taken following the success of the ongoing disbursements targeted at supporting one million nano-businesses nationwide.

Yakubu Atanda

A graduate of Mass Communication and Digital Multimedia Technologist, An experienced Web/Content Developer, He has served a reputable Media Organization in Nigeria with the use of modern technology gadget to disseminate information to the general public.

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