SMEDAN launches GROW fund scheme

…Names Jaiz Bank as financing partner for MSMEs
Barbara Bako, Abuja.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has launched the GROW Fund scheme aimed at improving access to affordable financing for micro, small and medium enterprises (MSMEs), appointing Jaiz Bank Plc as the financial partner to manage the facility.

The fund targets 6,122 entrepreneurs who have completed training under the Inspire, Create, Start and Scale (ICSS) initiative, linking certified trainees to single digit interest loans and asset financing.

Speaking at the unveiling in Abuja, SMEDAN Director General Charles Odii said the scheme represents a shift from routine entrepreneurship training to a structured support system that connects capacity building with access to capital.

He said the agency designed a standardized training framework to better prepare small businesses to meet banks’ funding requirements, addressing concerns that many entrepreneurs lacked the capacity to access available financing.

According to him, the GROW Fund will provide affordable, single digit financing to help small businesses expand in an environment where credit is often costly and scarce.

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Other partners in the scheme include German Agency for International Cooperation (GIZ), Kaduna Business School and GOPA Worldwide Consultants.

A representative of the Embassy of Germany in Abuja, Karin Jansen, said the ICSS programme was structured as a modular pathway supporting businesses from idea stage to growth and scaling.

She noted that institutionalising the programme within Nigerian structures would ensure sustainability and long-term continuity.

Jansen disclosed that the German government, through GIZ and in collaboration with local partners, has committed about N50 million as a dedicated loan facility to be managed by Jaiz Bank.

The facility will provide between N250,000 and N2 million for start-ups and N1 million to N5 million for scaling businesses, with about 50 beneficiaries mainly women and youth expected to access funds in the pilot phase.

Jaiz Bank’s Managing Director, Haruna Musa, represented by General Manager Idris Ahmed, described the fund as a catalyst for innovation, job creation and sustainable development.

He said the initiative aligns with the bank’s non-interest banking model and its focus on inclusive growth.

He added that MSMEs remain vital to job creation and grassroots economic transformation, urging beneficiaries to deploy the funds strategically to expand operations and build resilient enterprises.

Cheques were presented to some of the 100 selected beneficiaries at the event, marking the start of disbursements under the scheme.