Empowering NMSMEs: Enugu Government and SMEDAN Launch N1 Billion Fund

The Enugu State government, in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has rolled out a groundbreaking N1 billion fund aimed at bolstering Nano, Micro, Small, and Medium Enterprises (NMSMEs) in the state.

As announced by Dan Nwomeh, Senior Special Assistant on Media to Governor Peter Mbah of Enugu State, in a press release, this initiative marks a significant milestone in the state’s efforts to support entrepreneurship and economic development.

Key Highlights of the N1 Billion Fund:

• Purpose: The primary objective of the N1 billion fund is to provide accessible, single-digit loans to NMSMEs, addressing the critical need for affordable business financing in Enugu State.
• Partnership: The signing ceremony, held at the SMEDAN headquarters in Abuja, saw the participation of Mr. Charles Odii, the Director General of SMEDAN, and Mr. Arinze Chiloh-Offiah, the Special Adviser to the Enugu State Governor on MSMEs, representing both parties.
• Fund Management: Sterling Bank PLC will oversee the management and disbursement of funds to qualified enterprises, ensuring efficient delivery to beneficiaries.
• Objectives: The fund aims to support the scaling up of businesses, enhance competitiveness, and stimulate economic growth in Enugu State. It is expected to create employment opportunities, foster innovation, and promote inclusivity in the economic landscape.

How to Participate:

• NMSMEs interested in accessing this initiative are required to register their businesses at the Enugu SME Center. Enugu SME Center
• Eligibility criteria and additional details about the N1 billion Matching Fund Program will be communicated soon by the Enugu SME Center.

This initiative signals a proactive approach by the Enugu State government and SMEDAN to empower entrepreneurs and drive sustainable economic development. With the implementation of the N1 billion fund underway, Enugu State is poised to witness a new era of growth and prosperity for its NMSMEs.