• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

SMEDAN, Sterling Bank earmark N5bn loan for SMEs

SMEDAN

The Matters Press by The Matters Press
November 23, 2023
Reading Time: 3 mins read
0
SMEDAN to disburse N5.2m start-up grants to cooperatives

Abuja, Nov. 23, 2023: The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank have set aside N5 billion loan for small businesses.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

The Director-General of SMEDAN, Mr Charles Odii, said this during the signing of a Memorandum of Understanding (MoU) between the parties on Wednesday in Abuja.

Odii said the funds, which would be available in two weeks, would help solve the problem of many small business owners, which is easy access to affordable finance.

”This MoU is basically to create a loan portfolio of N5 billion at a single-digit interest rate for small businesses across different sectors.

”With this loan portfolio, we can make available access to finance for close to 10,000 small businesses.

”The funds will be available in two weeks, and we are giving ourselves that time because of the pre-learning activities we need to do.

”After they have accessed the money, we will continue with some post-learning activities and work with Sterling Bank to monitor the business and the fund’s progress.

The director-general called on the media to disseminate the information to people at the grassroots who require access to funds.

”I hope you will work with us to ensure this information goes to the inner cities in the country,” he said.

Meanwhile, the Managing Director of Sterling Bank, Mr Abubakar Suleiman, said the job of the bank was to guide small businesses to position themselves to attract funding.

”So, as much as giving them low-interest rate finances is a significant part, the real gain is that if they pass through this process successfully, they can access finance anywhere.

”We are hoping that of 10,000 people that will access this fund, we will see 2,000 quickly outgrow this and then request commercial funding.

”This is because their business model will improve so quickly that they will realise that more money available through this is needed.

”So, this is like training for small businesses to enable them stabilise their current businesses and position them for expansion,” he said.

According to Suleiman, the programme will be delivered through a technological platform called Banker to ensure easy access to the fund.

”The Banker is designed to not only allow you access to this financing but to organise your business, start to keep your record and help you pay back when it is time.

”Any business that passes through this programme, even though they fail to access or meet the standard to access the fund, will leave better off.

”They will understand why they cannot access the funding, and they can go back, make changes to their business practises, and come back and access funding.

According to Suleiman, the funds will be given out for an original tenure of two years, subject to the type of business and nature of the contract.

He said: “we will give you time to use the money before you start repaying, and the funds will not be given based on collateral.

”It will be based on your business, the fact that you are a law-abiding business and citizen, you do not have a bad credit history, and the contract between us.

”We will be publishing a link which SMEDAN will announce that will allow us to build a list of interested applicants, and in two weeks, the process will have been completed to start disbursement.

“Suleiman, therefore, reiterated that the programme’s success would not just be measured by giving out the funds but by how well the businesses are doing after accessing the funds.”

While commending SMEDAN, he said, ”If Nigeria is going to grow, it will be because of small businesses.

“If the small businesses ever become competitive, it will be because of the work of SMEDAN.”

Tags: SMEDAN
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
Stable petrol supply excites Buhari

No more strike, Petrol tanker drivers assures Nigeria

Nigeria, Equatorial Guinea in talks to boost gas production

CNG conversion price depends on engine capacity – Portland Gas

Recommended Stories

NERC, FCCPC collaborate on consumer protection

Consumers not responsible for transformers, meters – NERC

December 8, 2022
NUPRC, others embark on joint investigation

NUPRC grants first petroleum exploration license to TGS-PetroData Offshore

October 13, 2023
Buhari commissions airport terminal

Ekiti airport be completed by October

July 7, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us