Fund matching, a vision pioneered by Development Finance Institutions (DFIs) in Nigeria, has since been adopted by other financial institutions to help micro and small businesses (MSEs) access credit and finance. The risk of raising money under the SMEDAN and JAIZ bank fund plan must be shared by the fund matching partners (usually a financial institution and an MSME-promoting institution/government).
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SMEDAN-JAIZ Bank Matching Fund Program
- All suitably qualified micro and small businesses (MSMEs) in Katsina, Nasarawa, Niger, Kogi, Jigawa, Bauchi, Adamawa, and Gombe are invited to apply through the joint program’s partners, Jaiz Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
- The details outlined in the paragraphs above will be used to evaluate funding requests under this program.
- Applications for facilities under this program will be accepted for six (6) weeks or until the authorized quota of business plans per participating state is exhausted, whichever comes first.
- Starting with the first disbursement date, the financing period is for a maximum of 30 months. A moratorium (which can last anywhere from three to six months, depending on the type of business) is one example of this.
- Beneficiaries must complete a financial application form, sign all required documents with Jaiz Bank Plc, and pay all approved charges (including an N5,000.00 application fee and N5,000.00 for the cost of conducting a credit search on beneficiaries on at least two (2) credit bureau sites for processing facilities in accordance with CBN regulatory provisions, as well as RTGS transfer fees).
- The total amount payable for both fees is N10,000.00. For the duration of the project, all beneficiaries are covered by NAIC’s mandatory Agricultural Insurance as well as a reputable Takaful company’s key man Takaful insurance.
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What You Must Know
In order to process this facility, the following items must be fulfilled and provided in accordance with the program’s conditions and provisions:
- Your bank’s verification number (BVN).
- Execute the GSI order.
- NIRSAL provides GVuaranty Coverage.
- A moveable asset must be registered with the National Collateral Registry (NCR) according to CBN policy for facilities/financing of more than N500, 000.00.
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For further information, please visit: Visit the SMEDAN & JAIZ bank matching fund program 2022 for micro and Small Enterprises (MSES) website for more.
