Metro
SMEDAN Launches N500m Interest-Free Fund To Boost Small Businesses
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has unveiled a N500 million zero-interest revolving fund to improve access to finance for Micro, Small and Medium Enterprises (MSMEs), with the agency adopting an association-based lending model to strengthen accountability, improve loan recovery and expand financial inclusion….
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has unveiled a N500 million zero-interest revolving fund to improve access to finance for Micro, Small and Medium Enterprises (MSMEs), with the agency adopting an association-based lending model to strengthen accountability, improve loan recovery and expand financial inclusion.
According to the Director General of the agency, Charles Odii, access to affordable finance remains one of the biggest obstacles facing Nigerian MSMEs, making the intervention necessary.
“We visited traders at one of the markets today to engage directly with them because it is not enough to sit in offices and make policies without understanding their realities.
Many of the challenges they raised border on financing, which is why we are launching the Grow Fund for Small Businesses in Nigeria,” he said.
Odii explained that beneficiaries would be able to use the interest-free loans to increase working capital, acquire business tools and equipment, and secure workspaces needed to expand their operations.
“We are not giving the money to individuals directly. We are giving it to associations that understand their members and can manage the funds responsibly,” he said.
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