Business & Finance

SMEDAN Launch N1 Billion Fund to Empower NMSMEs

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SMEDAN Launch N1 Billion Fund to Empower NMSMEs

Enugu State, in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has unveiled a groundbreaking N1 billion fund tailored to empower Nano, Micro, Small, and Medium Enterprises (NMSMEs) across the state. The initiative, spearheaded by Governor Peter Mbah’s administration, marks a significant stride towards fostering economic growth and entrepreneurial development within Enugu State and its environs.

Key Details:

  • The N1 billion fund initiative was officially announced through a press release by Dan Nwomeh, Senior Special Assistant on Media to Governor Peter Mbah.
  • Mr. Charles Odii, the Director General of SMEDAN, and Mr. Arinze Chiloh-Offiah, the Special Adviser to the Enugu State Governor on MSMEs, represented their respective entities during the signing ceremony held at the SMEDAN headquarters in Abuja.
  • The primary goal of the fund is to provide accessible, single-digit loans to NMSMEs, addressing the critical need for affordable business financing within the state.
  • Sterling Bank PLC has been tasked with managing and disbursing the funds to eligible enterprises, ensuring efficiency and transparency in the delivery process.
  • The initiative is poised to support the scaling up of businesses, enhance competitiveness, and stimulate economic growth within Enugu State. Moreover, it is expected to generate employment opportunities, foster innovation, and promote inclusivity in the economic landscape.

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How to Participate:

  • NMSMEs seeking to benefit from the program are required to register their businesses at the Enugu SME Center through this link.
  • The Enugu SME Center will provide additional information regarding the N1 billion Matching Fund Program, including eligibility criteria and application procedures, in the near future.

The launch of the N1 billion fund underscores Enugu State’s unwavering commitment to empowering local businesses and driving socio-economic development. With its focus on facilitating access to finance and fostering entrepreneurial growth, this initiative is poised to usher in a new era of prosperity for NMSMEs in Enugu State, paving the way for sustainable economic advancement and prosperity.

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