The Nigerian Small and Medium Enterprises Development Agency (SMEDAN), in collaboration with the Nigerian Bank of Agriculture (BOA), has begun accepting applications for small company loans ranging from N1.2 million to 5 million naira without the need for collateral.
SMEDAN-BOA will manage the collateral-free loan, according to Dr. Dikko Umaru Radda, Director-General and Chief Executive Officer of SMEDAN.
The loan will go a long way toward assisting small firms in thriving in the face of adversity and economic uncertainty, and will aid in the production of high-quality goods, job creation, and competitiveness.
“Target beneficiaries for this program shall be labor-intensive micro or small enterprises (MSEs), operating in the real sector. These shall ideally be innovative value-added products that are establishing a footprint in the Nigerian market, and require additional funds to increase output,”The Federal Government is pleased to register small businesses with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) for freeTo this end, if you own a business (whether CAC registered or not), avail yourself of the free SMEDAN registration exercise currently going on and get your business name certificate within minutes of registration in your email.It is happening now, waste no time, the portal may be closed any time from nowMicro, Small & Medium Enterprises Registration- Register your business today with SMEDAN and get access to government and private sector benefitsClick here to start SMEDAN CERTIFICATE REGISTRATIONGet Access to 60B Naira- See How to Apply Survival Fund Website portal now easy to Access, Hurry and registerFacts about the National Survival Fund
- The scheme is estimated to save not less than 1.3million jobs across the country
- Over 35,000 individuals per state
- 100,000 Businesses/Persons will get N50,000 each-Free Grant
- 333,000 artisans and transport business operators will get N30, 000 each-Free Grant
- 100,000 MSMEs to protect jobs and livelihood
- 500,000 vulnerable MSMEs will get N30,000 to N50,000 per employee over 3 months
- 250,000 new businesses to get free CAC Business Name registration
- What are you waiting for? Click here to start registration now
Duration:The scheme will be implemented over an initial period of three months in order to provide immediate relief from the economic impact of the pandemic.Target Beneficiaries:The scheme targets two categories of beneficiaries namely;
- Employees of MSMEs
- Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.
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- General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each
- Artisan/Transport Support: provide 333,000 artisans and transport business operators with a N30, 000 operations grant to reduce the effects of income loss
- Guaranteed Off take Scheme: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood
- Payroll Support: Support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months
- Formalisation Support: provide free CAC Business Name registration for 250,000 new businesses
- Must have a staff strength of no less than 3 persons
- Must be owned by a Nigeria
- Employees’ company must be registered in Nigeria under the Corporate Affairs Commission, CAC
- Must have BVN by company CEO
Self-employed Individuals in the following categories
- Artisans, Electricians Plumbers
- Service providers in the transportation sector-Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics
- Micro and Small businesses registered in Nigeria.