SMEDAN, banks sign N6b loan for SMEs

has signed a memorandum of understanding with two banks to enable Small and Medium Enterprises get access to capital at a single-digit interest rate for the purpose of work capital, workplace procurement, and also for work equipment.

According to him, if small businesses access these funds, they can start and upscale their enterprises in Nigeria. According to her, both Nigeria and Ghana face challenges in providing innovative ventures with adequate access to patient capital as an estimated $5 billion financing gap exists annually for SMEs in Ghana, and a staggering $32.2 billion for Micro, Small, and Medium Enterprises in Nigeria.

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