SMEDAN, Sterling Bank Unveil N5bn Loan For Small Businesses 

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), in partnership with Sterling Bank Ltd., unveiled a N5 billion initiative called Databanc on Monday to bridge financial gaps for small businesses.

Databanc is a five billion single-digit loan to engender easier access to funds by Nano, Micro, Small, and Medium Enterprises (NMSMEs) which was unveiled in Lagos under the theme “Building with Data: Promoting Economic Growth through Data-Driven Insights.”

Mr. Bunmi Kole-Dawodu, SMEDAN’s Lagos State Manager, stated that this funding tool is designed to offer localized support to small businesses, enhancing their access to markets and necessary resources for entrepreneurship.

The initiative also aims to boost Nigeria’s export potential by providing accurate data to drive the growth and sustainability of nano enterprises. He explained that SMEs have long faced challenges accessing financial interventions, which this initiative seeks to address.

In his words,

“Now this platform would provide accurate data on nano, micro and small businesses in Nigeria while facilitating the requisite business support for these businesses. It is important to have the support of business membership organisations to help encourage members to go on the platform and register to foster data-driven insights,”

The Director General of SMEDAN, Mr. Charles Odii, emphasized the importance of data for the agency in making informed economic decisions to strengthen the small business ecosystem. He stated that as the leading force for livelihood enhancement, SMEDAN will continue to bridge the gap between the government and small businesses.

He said, 

“One thing we have observed is that businesses are not responding or taking advantage of the various interventions out there for them. Databanc as a platform would help build products’ knowledge about small businesses and it is very important for entrepreneurs to be aware of this to help grow their businesses”.