How to Apply for N5 Million BOA-SMEDAN Fund for Small Businesses
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is currently receiving applications from small businesses across the country as part of its N5 million matching fund programme.
Funded by SMEDAN and the Bank of Agriculture (BOA), collateral-free loans of between N1.2 million to N5million will be made available to prospective beneficiaries.
Director-General of SMEDAN, Dr Dikko Umaru Radda disclosed that the loans would be financed from the SMEDAN-BOA Matching Fund for small businesses. The Bank of Agriculture will be in charge of paying out the loans, according to Radda.
The Matching Fund programme is aimed at providing small businesses with extra capital to improve production output, viability and scale of operation.
Target beneficiaries of this programme shall be labour-intensive micro or small enterprises (MSEs) operating in the real sector. These shall ideally be innovative value-added products that are establishing footprints in the Nigerian market and require additional funds to increase output.
Eligibility
Applicants for the SMEDAN matching fund should be Nigerian micro or small businesses operating in the Federal Capital Territory (FCT), Oyo or Kaduna state. All businesses applying for the fund must be duly registered with the agency and have been assigned a SMEDAN Unique Identification Number (SUIN).
Also, businesses should possess a Tax Identification Number and be registered with the Corporate Affairs Commission.
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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.
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