The Anambra State Government and the Nigerian Small and Medium Enterprises Development Agency have inked a N1 billion loan support agreement to support the expansion of small and medium-sized businesses in the state.
According to The PUNCH, each institution would contribute a total of N500 million towards the agreement’s goals of promoting SME development, innovation, expansion, and job creation throughout the state.
Matching funds are allocated proportionately to available funds from other sources. This was revealed in a statement signed by a media aide to the SMEDAN Director-General, Peter Adeshina.
Adeshina claimed that the updated agreement demonstrates the agency’s dedication to guaranteeing SMEs have access to vital funding across Nigeria.
“This level of meaningful support is what we expect from state governments nationwide, given the established importance of SMEs in driving economic development and prosperity,” the DG said in a statement praising the Anambra State for its dedication.
“Small businesses account for about half of our GDP and are the foundation of employment. We must make investments in them and offer significant growth support if we hope to revive the economy.
“We have started talking about financing and capacity building for SMEs with a number of regional and global organizations. We just established the SMEDAN Climate and Green Energy Desk this week to assist climate entrepreneurs in tackling environmental issues impeding the development of SMEs around the country.”
The head of SMEDAN pledged to remove any barriers stopping worthy SMEs from obtaining these crucial funds and to make sure the monies are distributed in a timely, transparent, and equitable manner once they are available to SMEs.