Apply For SMEDAN – Jaiz Bank Matching Fund Program 2022

Jaiz Bank Matching Fund Program seems to be a concept pioneered by Development Finance Institutions (DFIs) in Nigeria. It has since been adopted by other financial agencies as a means to make credit & finance available to both micro and small businesses (MSEs).

The fund-matching partners (usually a financial institution and an MSME-promoting institution/government) must be involved in the risks of raising money via the plan.

All eligibly qualified micro & small companies (MSEs) situated in Katsina, Nasarawa, Niger, Kogi, Jigawa, Bauchi, Adamawa, and Gombe are referred to apply via the joint program partners – Jaiz Bank Plc and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

It should be obvious that the program specifics outlined in paragraphs 1–3 above serve as the foundation for considering funding requests under this program.

Applications for facilities under this program from qualifying micro and small firms will be accepted for a period of six (6) weeks or until the authorized quota of business plans per participating state is exhausted (whichever comes first).

The financing duration is for a maximum of 30 months, beginning with the first disbursement date. This includes a moratorium (which can last anywhere from 3 to 6 months, depending on the type of business).

Beneficiaries must fill out a finance application form, sign all necessary 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).

For both fees, the total is N10, 000.00. All beneficiaries are covered by NAIC’s obligatory Agricultural Insurance and a reputed Takaful company’s key man Takaful insurance for the duration of the project.

A security that is applicable: Processing of this facility will necessitate the fulfillment and provision of the following items in accordance with the conditions/provisions of this program:

  • Give your bank’s verification number (BVN).
  • Execute the order for a Global Standing Instruction (GSI).
  • Credit Guaranty Coverage from NIRSAL.
  • In accordance with CBN policy for facilities/financing above N500, 000.00, a moveable asset must be registered with the National Collateral Registry (NCR).
  • Keyman risk Takaful insurance cover.

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More Details About SMEDAN (Jaiz Bank Matching Fund Program)

SMEDAN was established by the SMEDAN Act of 2003 to promote the development of the MSME sector of the Nigeria Economy. Agencies like SMEDAN station itself as a One Stop Shop for MSME Development.

SMEDAN’s main vision & aim is to establish a structured & efficient micro, small & medium enterprises sector that enhances sustainable economic development in the country (Nigeria).

Moreover, they aim to facilitate the access of Micro, Small & Medium entrepreneurs and investors to every resource that is required for their development. Having a well-developed MSMEs sector will prove to be one of the most veritable channels to fight poverty.

Therefore, the reason for establishing the SMEDAN is to speed up the development of Nigeria’s MSME in a structured & efficient manner.

For extra & further information, kindly visit the SMEDAN/JAIZ bank matching fund program 2022 for micro & small enterprises (MSES) official portal or simply CLICK HERE TO APPLY.

Frequently Asked Questions about JAIZ Bank Matching Fund Program 2022

Is SMEDAN a government agency?

SMEDAN was established by the SMEDAN Act of 2003 to promote the development of the MSME sector of the Nigeria Economy. Agencies like SMEDAN station itself as a One Stop Shop for MSME Development.

How important is SMEDAN certificate?

With a SMEDAN certificate, beneficiaries can easily apply for loans and support funds both within and outside the country. It also grants you access to funding from the government and private.

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