SMEDAN/STERLINK BANK MATCHING FUND FOR MSMEs (N2.5M LOAN)

SMEDAN/Sterling Bank Matching Fund for MSMEs (N2.5M Loan)

The SMEDAN/STERLING Bank Matching Fund Programme For Nano, Micro and Small Enterprises has begun, as announced by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank Plc.

As a promotional tool to increase enterprise output, competitiveness, and job creation, this intervention will provide credit to the sub-sector in six chosen states. Sterling Bank Plc will be the program’s disbursing company.

Eligibility Criteria

i. Target Beneficiaries Definition: Target beneficiaries for this Programme shall be Nano, Micro and Small Enterprises (NMSES) operating in the real sector with value-added agricultural products.

ii. Financing available under the programme: Prospective beneficiaries may apply for financing within the range of N500,000 – N2.5 million.

iii. Conditions/Terms applicable:

A. The interest rate applicable on all financing under this programme shall not exceed single digit per annum

B. The financing tenor is for a maximum period of 30 months, effective from the date of first disbursement. This is inclusive of moratorium (which may vary between 3-6 months, depending on the type of enterprise.)

iv. Applicable Security:

a. The applicant/Enterprise must be within the Agribusiness value chain (Upstream, Midstream & Downstream);

b. The applicant/Enterprise must have CAC registration or State approved registration;

c. A moveable asset to be registered under the National Collateral Registry (NCR).

Application Procedure

Deadline for application 25 December 2022

Click here to apply

Alternatively, you can apply on the SMEDAN website

ii. Pre-qualified candidates must pay a processing charge of ten thousand (N10,000.00) naira to use the platform’s business plan template and no separate training fee will be required

Eligible States

Based on the criteria above, all suitably qualified Nano, Micro and Small Enterprises (MSES) located in the following states can apply:

  • Anambra
  • Bayelsa
  • Delta
  • Ebonyi
  • Ekiti
  • Osun

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