The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has partnered the Bank of Agriculture (BOA) to offer loans to Small and Medium Enterprises in Nigeria through a Scheme called BOA-SMEDAN Matching Fund Program.

Here are 10 Important things to know about the Program:

1. The Program is much focused on enterprises operating within the Food-processing or Agro-processing Industries.

2. The official Website for the application is https://www.simplifiedcredit.net/matching-fund/screening

3. An Applicant must posses a SMEDAN Unique Identification Number upon registering a business with SMEDAN. Haven't registered your business with SMEDAN?, kindly do so at  https://smedanregister.ng/

4. Currently, the Program is open to Businesses located in these three States: Abuja, Oyo and Kaduna, but would be extended to other States.

5. The Enterprise must be operational since 2018 and must be Nigerian owned, and capable of employing at least 2 Nigerians from the Loan.

6. The Enterprise must be able to source about 65% of its raw materials Locally.

7. The loan amount ranges  from N1.2Million up to N5Million.

8. The Interest rate is 9% interest per Annum with loan Ternor extending to 30 months from the day of disbursement. Moratorium however varies between 2-6 months depending on the type of Enterprise.

9.  An Applicant must provide Bank Verification Number as a prerequisite for the application.

10. An Applicant must posses a clear bankable business plan in the mentioned sector.