SMEDAN/Sterling Bank Launch N1 Billion Fund to Empower NMSMEs
Saturday 10 February 2024
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Enugu State, in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has introduced a groundbreaking N1 billion fund tailored to uplift Nano, Micro, Small, and Medium Enterprises (NMSMEs) across the region. Governor Peter Mbah's administration spearheads this initiative, signifying a substantial step towards fostering economic growth and entrepreneurial development in Enugu State.
In an official announcement relayed by Dan Nwomeh, Senior Special Assistant on Media to Governor Peter Mbah, the N1 billion fund aims to provide accessible, single-digit loans to NMSMEs, addressing the critical need for affordable business financing in the state. The signing ceremony at the SMEDAN headquarters in Abuja saw Mr. Charles Odii, the Director General of SMEDAN, and Mr. Arinze Chiloh-Offiah, the Special Adviser to the Enugu State Governor on MSMEs, representing their respective entities. CCONTINUE READING.....
Sterling Bank PLC has been entrusted with the management and disbursement of funds to eligible enterprises, ensuring transparency and efficiency in the delivery process. The initiative is geared towards supporting business scaling, enhancing competitiveness, and stimulating economic growth in Enugu State. Additionally, it aims to generate employment opportunities, foster innovation, and promote inclusivity in the economic landscape.
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To participate in this program, NMSMEs interested in benefiting from the N1 billion Matching Fund are required to register their businesses at the Enugu SME Center through this link. The Enugu SME Center will release further details regarding eligibility criteria and application procedures in the near future. CONTINUE READING.....
In summary, the launch of the N1 billion fund underlines Enugu State's commitment to empowering local businesses and driving socio-economic development. This initiative, focused on providing access to finance and fostering entrepreneurial growth, is poised to usher in a new era of prosperity for NMSMEs in Enugu State, fostering sustainable economic advancement.
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