SMEDAN secures N5bn loan , targets 10,000 SMEs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), under the leadership of its Director General, Charles Odii, has taken a significant step forward in supporting small and medium enterprises (SMEs) in Nigeria.InformationGuideNigeria

On Wednesday, SMEDAN announced a key partnership with Sterling Bank, marked by the signing of a Memorandum of Understanding.NYSC Portal

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During the event, DG Charles Odii highlighted a crucial challenge in the realm of SME development – the inadequate dissemination of information regarding government intervention programs. He pointed out that the lack of proper information flow is a major hindrance preventing small enterprises from accessing funds designed to aid their growth and sustainability.JAMB Portal

Odii stressed that effectively informing eligible and suitable businesses about the availability of such funds is equally critical as securing the financial support from various partners. This partnership with Sterling Bank and the emphasis on improving information dissemination are part of SMEDAN’s broader strategy to enhance support structures for SMEs, which are vital contributors to Nigeria’s economy.

He said, “We have a case where some funds are lying unutilised in one of the banks and it was close to N500million and only six persons accessed that money.

“We did a panoramic sweep of the information dissemination that was done by the agency then and nobody knew that there were monies available with the agency waiting to be accessed.

“So again, before we even start to talk about how many people accessed it, maybe there were bottlenecks, how many people know about these interventions?”