JAIZ BANK/SMEDAN Grant 2022 Registration Application is out Register Here. This is to inform the general public about the 2022 SMEDAN Grants for all Nigerians, start your Registration here. SMEDAN and Jaiz Bank Plc hereby announce 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.
Have you heard about the 2022/2023 JAIZ BANK/SMEDAN Grants by Federal Government? Here I will provide the Application Link Portal forSMEDAN Grants, where all business owners in Nigeria can apply online.
We use this medium to inform you that the Registration for payroll Support is ongoing for Business owners and Companies that have Corporate Affairs Commission (CAC) accounts OR CAC certificates in Nigeria.
Do you know you can register your Business through COVID-19 Rapid-Response 2022 Grants for free?
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). The strategy requires the fund matching partners (often a Financial Institution and an MSME-promoting institution/Government) to share the risks of making funds available to target MSEs – usually at concessionary rates over the medium-term (tenor).
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 a 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 line with the current emphasis on back-to-back value-chain financing, agri- business 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 a 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 a 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 the cost of all approved charges (i.e. Application fee of N5,000.00 and N5,000.00 for the cost of conducting credit search on beneficiaries at least two (2) Credit Bureau sites for processing facilities which are 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.
3. PROGRAMME IMPLEMENTATION MODALITIES
To facilitate inclusiveness and transparency, under the programme, the hereunder are the approved, step-wise, implementation modalities for all applicants.
i. Portal Opening: This shall be done via a public notice placed in selected national dallies to invite all suitably qualified MSEs to apply by clicking the icon jaizbank/smedan matching fund programme on the SMEDAN website (www.smedan.gov.ng). Once migrated to the smecredits portal, pre-qualification of applicants shall commence.
ii. Pre-qualification of Applicants: This takes the form of soliciting binary (i.e. Yes/No) responses to a number of fields to confirm the
applicant’s suitability for the facility. Disqualified applicants cannot proceed beyond this stage.
iii. Business Plans Submission: To continue, pre-qualified applicants shall be required to pay a processing fee of ten thousand (N10,000.00) naira for the Business Plan template on the platform (Note that a separate training fee is not required). Also, note that a number of Business Plan slots shall be allocated to each participating state. Consequently, entries for such state shall cease when the required number is met
iv. Business Plans Evaluation It shall be the responsibility of SMEDAN, using approved in-house criteria, to shortlist business plans for field validation. Such criteria shall include the following, bankability of business plans; equitable distribution of prospective beneficiaries; gender balance.
v. Field Validation Visits/Referral to Jaiz Bank: Field visits shall be carried out to all shortlisted MSEs, from the preceding stage. Validated MSEs from this process shall then be referred to Jaiz Bank.
vi. Due Process/Confirmation of Final Beneficiaries: This shall be based on Jaiz Bank Plc Financing Risk Assets Acceptance Criteria (RAAC), as suitably modified for this programme. Jaiz Bank Plc shall thereafter inform all successful applicants, with guidance on next steps.
vii. Refresher Training of Selected Beneficiaries: All selected beneficiaries shall receive refresher entrepreneurship training, at no extra cost, by SMEDAN, as a condition to draw-down.
viii. Opening of Bank Accounts: All successful applicants shall open (and operate) accounts with the Jaiz Bank Plc branch nearest to their project location. The required 10% lien deposit shall thereafter be paid into their accounts by SMEDAN, prior to draw-down.
ix. Financing Disbursement/On-field Repayment and Advisory Services: Finance disbursement shall be by Jaiz Bank Plc in line with its non-interest model of financing, and shall also commence recovery at the end of the advised moratorium. SMEDAN, on its part, shall carry out quarterly advisory visits to beneficiaries, during this period.
CALL FOR PARTICIPATION:
The joint programme partners – Jaiz Bank Plc and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) – hereby invites applications from all suitably-qualified micro and small enterprises (MSEs) located in Katsina, Kogi, Bauchi and Adamawa state. It should be clearly understood that programme particulars set out in paragraphs 1 – 3, above, form the basis for consideration of financing requests under this programme. Applications from qualified micro and small enterprises for facilities under this programme shall be received over a period of six (6) weeks or when the allocated quota of business plans per participating state is exhausted (whichever comes first).
Jaiz Bank Plc, Small and Medium Enterprises Development Agency of Nigeria
Kano House,Ralph Shodeinde Str. (SMEDAN),
CBD, Abuja. No 35, Port Harcourt Crescent, Off Gimbiya Str., Area 11, Garki, Abuja.
Email: info@jaizbankplc Email: firstname.lastname@example.org
How to register for JAIZ BANK/SMEDAN GRANTS 2022 MATCHING FUND PROGRAMME
To register and get paid you need to follow the guidelines below for a successful application.
- Click on MEMS Grants Register or Guaranteed Offtake Register to proceed.
- Provide all the necessary information and submit your application online.
Note, SMS or email address will be sent to you to activate your account. Your account must be activated for a successful Application.