Enugu govt., SMEDAN launch N1 billion fund for NMSMEs

The Enugu State government and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have launched N1 billion fund to empower  Nano, Micro, Small, and Medium Enterprises (NMSMEs) in Enugu State.

This was according to an X post by Dan Nwomeh, Senior Special Assistant on Media to Governor Peter Mbah of Enugu State, where he shared a press release on the N1 billion matching fund program for businesses in the state.

According to the statement, Mr. Charles Odii, the Director General of SMEDAN, and Mr. Arinze Chiloh-Offiah, the Special Adviser to the Enugu State Governor on MSMEs, represented both parties during the signing ceremony at the SMEDAN headquarters in Abuja.

The objective of the N1 billion fund is to offer accessible, single-digit loans to NMSMEs, meeting the essential requirement for affordable business financing in the state.

This initiative signifies a notable advancement towards entrepreneurial development and economic growth in both the state and the broader region.

More Insights

• Sterling Bank PLC will manage and disburse funds to qualified enterprises, ensuring efficient delivery to beneficiaries.
• The N1 billion fund aims to support scaling up, enhancing competitiveness, and boosting the state’s economy, creating jobs, fostering innovation, and promoting inclusivity in the economic environment, the statement noted
• With the program’s implementation underway, it is anticipated to herald a fresh era of expansion and prosperity for NMSMEs in Enugu State, as highlighted in the statement.
• NMSMEs aiming to take advantage of this initiative need to register their businesses at the Enugu SME Center here https://enugusme.en.gov.ng/msmedata
• Additional details regarding the N1 billion Matching Fund Program and its eligibility criteria will be communicated soon by the Enugu SME Center.