The Micro, Small and Medium Enterprises world over is seen as the nerves or the heart beat of any economy.
To this end, the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN in line with the President, Bola Ahmed Tinubu’s Renewed Hope Agenda adopted diverse strategies to stimulate the sector.
One of the efforts put in place by the new leadership of the agency in the face of the untold hardship Nigerians are currently experiencing as a result of the removal of fuel subsidy is the introduction of a Five Billion Naira MSMEs Prosperity scheme.
Speaking at a Memorandum of Understanding signing ceremony in Abuja, the Director General, SMEDAN, Charles Odii said the N5b MSMEs Prosperity Fund domiciled in a new generation bank will be disburse in two weeks to qualified small business owners.
The SMEDAN boss also expressed dismay over the low turnout of MSMEs in accessing previous loans to aid their businesses. The Managing Director of one of the new generation banks that is partnering with SMEDAN, Abubakar Suleiman said the prosperity loan to empower MSMEs will be in single rate.
He further called on owners of small businesses to seize the opportunity to grow their MSMEs. The moratorium for the prosperity loan will be based on the business performance of the MSMEs.
