The BOA-SMEDAN Matching Fund Program is a collaboration between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Bank of Agriculture (BOA) to boost the output of micro and small enterprises (MSEs) across the country.
Application is now open to all suitably-qualified MSMEs located in the Federal Capital Territory (FCT), Kaduna, and Oyo state. They can apply for loans within the range of N1.2 million to N5 million on business-friendly terms, which includes waiving of collateral.
Requirements:
Prospective applicants are expected to provide answers to some questions listed on the application portal, see below for some of the questions.
Basic Information
1) Does your enterprise currently employ ≤ 50 employees?
2) Is your enterprise operating within FCT, Oyo or Kaduna State?
3) Is your enterprise operating within the Food-processing or Agro-processing industry?
4) Has your enterprise been in operation since 2018?
5) Is your enterprise wholly Nigerian owned?
6) Can your enterprise employ at least 2 people from the loan requested?
7) Does your enterprise or major promoter(s) have any credit history?
Regulatory Compliance
1) Does your enterprise have a SMEDAN Unique Identification Number? (Please note that registrations are still on-going and you may register to receive your ID Number) READ: How to Obtain SMEDAN Unique Identification Number (SIUN)
2) Does the enterprise have a CAC registration number?
3) Does the enterprise have a Tax Identification Number (TIN)? READ: How to Check for your Individual TIN (Tax Identification Number) Online
4) Does the enterprise have a NAFDAC registration number for its products? (for packaged food products only)
5) Is/are there any audited financial statements?
Product Demand/Marketing
1) Does the enterprise have a marketing plan?
2) Does your enterprise source at least 65% of its raw materials locally?
3) Have you had up to 35% of your product stock unsold in the last two years?
Visit https://www.simplifiedcredit.net/matching-fund/screening to start the application
