SMEDAN/Sterling Bank 2022 Matching Fund Program for Micro and Small Enterprises (Get N500k to N2.5M)

SMEDAN/Sterling Bank 2022 Matching Fund Program for Micro and Small Enterprises (Get N500k to N2.5M)

When

Dec 25, 2022    
12:00 am

Event Type

The Small and Medium Enterprises Development Agency of ,Nigeria (SMEDAN) in partnership with Sterling Bank Plc announces the commencement of the SMEDAN/STERLING Bank Matching Fund Program For Nano, Micro and Small Enterprises.

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This intervention is to deliver credit to the sub-sector in six selected states, as a promotional mechanism to enhance enterprise output, competitiveness, and job creation. The disbursing entity, under the program, shall be Sterling Bank Plc.\

Eligibility Criteria

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

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Conditions/Terms applicable:

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

Applicable Security:

  • The applicant/Enterprise must be within the Agribusiness value chain (Upstream, Midstream & Downstream);
  • The applicant/Enterprise must have CAC registration or State approved registration;
  • A moveable asset to be registered under the National Collateral Registry (NCR).

Benefits of SMEDAN/Sterling Bank Matching Fund Program

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

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