SMEDAN – The Small and Medium Enterprises Development Agency of Nigeria and BOA – the Bank of Agriculture (BOA) will start accepting applications from small businesses for loans of N1.2-N5 million starting Tuesday.
In a press release from the agency’s corporate affairs department in Abuja, the Director-General and Chief Executive Officer of SMEDAN Dr. Dikko Umaru Radda was quoted as saying that the loan will be financed from the SMEDAN-BOA Matching Fund Programme for small businesses.
Dr. Rada said the opening of this program portal was an effort to promote the provision of loans to small businesses in order to improve business performance, competitiveness and create job opportunities.
He also said that the disbursing authority for the program will be the Agricultural Bank (BOA).
The target recipients of this program are labour-intensive micro or small enterprises (SMEs) operating in the real sector. Ideally, this should be an innovative value-added product that impacts the Nigerian market, and requires additional resources to increase production, said the DG.
Therefore, he asked applicants from all eligible micro-companies in the federal capital (FCT), Kaduna, and Oyo to apply for the program.
Dr. Rada also said that potential beneficiaries who had to be registered with SMEDAN would receive loans on favorable terms for the company, including waiver of collateral.
