Sterling Bank/Smedan Matching Fund Programme 2023 for Nigerians. Apply below.
Table of Contents
When is Application Deadline?
25th December 2022
Tell Me About Award:
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 Programme For Nano, Micro and Small Enterprises.
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 programme shall be Sterling Bank Plc.
What Countries are Eligible?
Where will Award Take Place?
Based on the criteria above, all suitably qualified Nano, Micro and Small Enterprises (MSES) located in the following states can apply:
Who is Eligible?
i. Target Beneficiaries Definition: Target beneficiaries for this Programme shall be Nano, Micro and Small Enterprises (NMSES) operating in the real sector with value-added agricultural products.
iii. Conditions/Terms applicable:
A. The interest rate applicable on all financing under this programme shall not exceed single digit per annum
B. 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.)
iv. Applicable Security:
a. The applicant/Enterprise must be within the Agribusiness value chain (Upstream, Midstream & Downstream);
b. The applicant/Enterprise must have CAC registration or State approved registration;
c. A moveable asset to be registered under the National Collateral Registry (NCR).
How many Awards?
What is Value of Award?
ii. Financing available under the programme: Prospective beneficiaries may apply for financing within the range of N500,000 – N2.5 million.
How to Apply?
It should be clearly understood that the particulars set out in paragraphs 2-3 above, form the basis for considering the application of qualified NMSEs which shall be received till 25 December 2022