SMEDAN Secures N5 Billion Loan to Assist 10,000 SMEs

SMEDAN Secures N5 Billion Loan to Assist 10,000 SMEs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has secured a N5 billion loan portfolio to assist over 10,000 Small and Medium Enterprises (SMEs) in Nigeria. This strategic partnership with Sterling Bank will help SMEs access loans ranging from N250,000 to N2.5 million at a single interest rate. CONTINUE READING….

The Director General of SMEDAN, Charles Odii, announced the loan portfolio during the signing of a Memorandum of Understanding (MoU) between SMEDAN and Sterling Bank. He emphasized that access to finance is a major challenge for SMEs in Nigeria, and that this partnership will help to address this issue.

Odii also noted that poor information dissemination of government intervention programs is a barrier to SMEs gaining access to funds. He said that the agency is working to improve its communication with SMEs so that they are aware of the available resources.

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The Managing Director of Sterling Bank, Abubakar Suleiman, said that the bank is committed to supporting SMEs in Nigeria. He noted that the bank has developed a platform called "Banker" that is designed to make it easy for SMEs to access financing.

The N5 billion loan portfolio is a significant step forward in supporting SMEs in Nigeria. This partnership between SMEDAN and Sterling Bank will help to provide SMEs with the access to finance they need to grow and succeed.

Key Takeaways:

SMEDAN has secured a N5 billion loan portfolio to assist over 10,000 SMEs in Nigeria.
The loan portfolio will provide SMEs with access to loans ranging from N250,000 to N2.5 million at a single interest rate.
SMEDAN is working to improve its communication with SMEs so that they are aware of the available resources.
Sterling Bank has developed a platform called "Banker" that is designed to make it easy for SMEs to access financing.

Call to Action:

If you are an SME in Nigeria, be sure to visit the SMEDAN website to learn more about the available resources.
You can also visit the Sterling Bank website to learn more about the "Banker" platform.

Additional Resources: