SMEDAN BOA matching fund 2022/2023 Grant |Loan |Registration /application Portal login
The survival of the economy depends largely on the success of micro, small and medium enterprises, they hold the key to economic progress of the nation and sustainability of life, it is seen as an indispensable sector and a key
figure in the economy of the nation.
The SMEDAN BOA matching fund was initiated to dedicate their resources that would enhance operators of micro and small enterprises through rendering them support services by ways of subsidy, aids, grants, loans and other financial intervention services.
SMEDAN BOA AND THEIR FUNCTIONS
SMEDAN is an abbreviation for Small and Medium Enterprise Development Agency which was primarily set up to provide loans, grants and other support rendering and financial intervention schemes to operators of micro and small enterprises.
BOA on the other hand is an acronym for Bank Of Agriculture. Both of these agencies initiated a team work to liaise and collaborate in key areas of their mandate which is to provide an intervention matching fund programme to boost and uplift the outputs of micro and small enterprises across the nation.
To achieve this goal, a Memorandum Of Understanding (MOU) was signed by both parties.
Their functions includes the following :
- Expressing, establising and conveying policies and ideas for micro and small enterprises with the aim of boosting it’s growth, development and ultimate goal of culminating to success.
- Promoting, facilitating programmes for it’s development and providing instruments and other support and aid rendering services to articulate, accelerate and steer the development process of the micro and small enterprises
- Engaging on awareness and outreach services through disseminating information to reach out to many operators of micro and small enterprises.
- Creating a sustainability programme and providing alternatives and strategies to avoid overdependence on grants, laons and other subsidies.
- Effectiveness and efficiency through providing quality and top-notch delivery services to the operators of MSEs which also includes, reduction of interest rates, ensuring there’s no biasness or favoritsm when disbursing their finances.
The Beneficiaries of SMEDAN BOA matching fund
These two agencies as a body responsible for the intervention and aid rendering services are committed to articulate the successful implementation of programmes in the interest of micro and small enterprises.
The beneficiaries that are targeted for this programmes includes :
- Qualified enterprises that have utilized their local raw materials that are regulatory compliant and capable of generating employment for at least 2-5 additional persons through the loan obtained.
- Labour intensive micro and small enterprises whose products are imperative, innovative and add economic value to the Nigerian markets, these are the first and foremost targets that would need aids and supports services that would necessitate growt and more funds to boost and increase their outputs while also emphasizing on gender balance to also encourage and motivate women entrepreneurs as they would be duly recognized.
These sets of targeted beneficaries are eligible to apply for loans within the range of 1.2 million naira to 5 million nairaland on business friendly to terms.
Thus the programme primarily focuses on ameliorating accessibility to the business finance for micro and small enterprises seeking to startup or expand their outputs with working capitals and products that are add economic value to the Nigerian markets.
The Acting Managing Director of the Bank Of Agriculture (BOA) Mr Alwam Haissan appreciated the collaboration with the Small and Medium Enterprise Development Agency Of Nigeria (SMEDAN), he added ” in a bid to execute our mandate,
I assure you that the bank will deploy it’s existing products both Agricultural and non Agricultural products for the benefit of our deserving beneficiaries, this would enhance enterprise output, steer competitiveness, increase Government earnings by way of taxes,
create wealth and jobs and design sustainable credit approach to improve access to affordable business finances nfor working capital businesses that are seeking for expansion and startups”
How to register for BOA-SMEDAN Matching Fund Form 2021/2022
To begin registration, Visit: www.simplifiedcredit.net/matching-fund/screening