Jaiz Bank loan Smedan Review |REGISTRATION And Disbursement

Jaiz Bank loan Smedan Review |REGISTRATION And Disbursement

Another opportunity and source for business capital has been introduced by the government, It is called JAIZ BANK PLC and SMEDAN PROGRAMME. it is a joint program of the two bodies (JAIZ BANK PLC and the SMEDAN)

The above joint partners hereby invites the General public from suitable business field in the states named below to apply for matching fund programme 2022;

Kastina state

Nassarawa state

Niger state

Kogi state

Bauchi state

Jigawa state

Adammawa state and gombe state

The targeted beneficiaries will get their facilities immediately from 6 week of the application and business plan review from each states .

This is according to the statement on the site :

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Jaiz Bank Plc financing initiative aimed at boosting the capacity of micro and small enterprises (MSEs) across the country has commenced.

A statement by the Corporate Affairs Division of the Agency in Abuja, quoted the Director General and Chief Executive Officer of SMEDAN, Dr. Dikko Umaru Radda as saying that the two institutions are determined to see this project work in the interest of Nigerian MSEs.

He said the Matching Fund initiative which opened its portal to the public, on 22nd February, 2022, is a promotional intervention meant to deliver credit, to the agri-business sub-sector, to enhance enterprise output, competitiveness and jobs creation.

He also stated that the disbursing entity, under the programme, shall be Jaiz Bank Plc, who is the Agency’s latest partner on the initiative.

SMEDAN added that target beneficiaries shall be labour-intensive micro or small enterprises (MSEs) producing value-added products while operators in primary agriculture and warehousing shall also be considered.

He therefore called for applications from all suitably-qualified MSEs in Katsina, Kogi, Bauchi and Adamawa (i.e. current window) to apply for the programme.

Radda also stated that prospective beneficiaries, who must be registered with SMEDAN, may apply for financing within the range of N1.2 million to N5 million, noting that the financing is on business-friendly terms

Target Beneficiaries Definition: Target beneficiaries for this Programme shall be labour-intensive, micro or small enterprises (MSEs), operating in the real sector. These shall ideally be innovative value-added, agri-business products that are establishing footprint in the Nigerian market, and require additional funds to increase output.

Qualified enterprises shall also be utilizing local raw materials (at least 65%); are regulatory-compliant and capable of generating employment for at least 2 – 5 additional persons as a result of the facility obtained.

Finally, in line with current emphasis for back-to-back value-chain financing, agri- business on-farm/ware-housing enterprises shall also be considered.

READ ALSO: $500,000 AFCP Grant Programme: Eligibility and How to Apply

ii. Financing available under the programme: Prospective beneficiaries may apply for financing within the range of N2 million– N5 million, with enterprise modernization and/or expansion as the focus.

iii. Conditions/Terms applicable: The mark-up/profit rate applicable on all financing, under this programme, shall not exceed single digit per annum. The financing tenor is for a maximum period of 30 months, effective from the date of first disbursement. This is inclusive of moratorium (which may vary between 3 – 6 months, depending on the type of enterprise).

Beneficiaries must complete a finance application form, sign all necessary documents with Jaiz Bank Plc, and shall also bear cost of all approved charges (i.e. Application fee of N5,000.00 and N5,000.00 for cost of conducting credit search on beneficiaries on at least two (2) Credit Bureau sites for processing facilities which is in line with the CBN regulatory provisions and RTGS transfer charges.

These total N10,000.00 for both fees). The mandatory Agricultural Insurance cover by NAIC and also the key man Takaful insurance by a reputable Takaful company applies to all beneficiaries over the project life.

iv. Applicable Security: In line with the conditions/provisions of this programme, processing of this facility will require fulfilment and provision of the following:

a. Provide Bank Verification Number (BVN).

b. Execute Global Standing Instruction (GSI) order.

c. NIRSAL Credit Guaranty Cover.

d. A moveable asset to be registered under the National Collateral Registry (NCR), in line with CBN policy for facility/financing above N500,000.00.

e. Key man risk Takaful insurance cover.