SMEDAN and Jaiz Bank Launch 'Grow Fund Scheme' for SMEs

On Tuesday, SMEDAN (Small and Medium Enterprises Development Agency of Nigeria) launched the 'Grow Fund Scheme' aimed at helping micro, small, and medium enterprises (MSMEs) access affordable financing. The scheme, managed by Jaiz Bank PLC, targets 6,122 entrepreneurs who have completed an entrepreneurship development program.

Charl Odii, Director General of SMEDAN, highlighted the initiative as a significant shift towards a structured support framework that links capacity building with financing options, offering loans at single-digit interest rates. The scheme was unveiled in Abuja, with Dr. Karin Jansen, First Secretary and Head of Cooperation at the German Embassy, commending SMEDAN for its leadership in implementing the program across various states including Lagos, Edo, Ogun, Niger, and Plateau.

Dr. Haruna Musa, CEO of Jaiz Bank, described the scheme as a catalyst for innovation and job creation, emphasizing the bank's commitment to empowering entrepreneurs and promoting inclusive growth.