The JAIZ Bank Plc/SMEDAN Matching Fund Programme 2022 portal is open, The joint partners: JAIZ Bank Plc and SMEDAN inform the general public and the eligible and qualified micro and small enterprises (MSEs) to apply for JAIZ Bank Plc/SMEDAN Matching Fund Programme 2022, How to apply, Read through.
As a concept, pioneered in Nigeria by Development Finance Institutions (DFIs), fund matching has since been embraced by most financial institutions for making credit/financing available to micro and small enterprises (MSEs).
he strategy requires the fund matching partners (often a Financial Institution and an MSMEs-promoting institution/Government) to share the risks of making funds available to target MSEs – usually at concessionary rates over the medium-term (tenor).
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Consequently, desirous of building synergy on this very important aspect of their respective mandate SMEDAN and Jaiz Bank Plc hereby announces the commencement of the JAIZ/SMEDAN MATCHING FUND PROGRAMME FOR MICRO AND SMALL ENTERPRISES. This intervention is to deliver credit, to the sub-sector, as a promotional mechanism to enhance enterprise output, competitiveness and jobs creation. The disbursing entity, under the programme, shall be Jaiz Bank .
Programme Terms And Conditions
The here-under definitions, terms and conditions shall apply under the Programme, viz:
i. 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 tine with current emphasis for back-to-back value-chain financing, agribusiness on-farm/ware-housing enterprises shall also be considered.
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.
How To Apply:
Any eligible and qualified micro and small enterprises (MSEs) Click Here and Apply
For more information: Visit Smedan Matching Fund
Application Deadline: Not Specify