Jaiz Bank | SMEDAN Bank Matching Fund Program is an ongoing partnership to provide funding to small and medium enterprises. Thus, here you will learn how to apply to the program. In addition, we will include the requirements and background of the program.
What is Jaiz Bank?
Presently, matching funds means is the point at which a party sets asides a total in relation to what another pays. To outline, formerly in a while people promise to pay an extent of the amount people give to a foundation. Another example is cost sharing.
The pioneers of matching funds mean in Nigeria are Development Finance Institutions( DFIs). Specifically, the Bank of Industry and likewise the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are cases of DFIs.
In any case, other financial establishments have likewise taken on it as a way to fund micro and small enterprises (MSEs). either, the fund matching partners( generally a financial association and an MSME- promoting institution/government) should partake in the troubles of fundraising under the arrangement.
All appropriately qualified micro and small companies (MSEs) positioned in Katsina, Nasarawa, Niger, Kogi, Jigawa, Bauchi, Adamawa, and Gombe might apply through the joint program partners, Jaiz Bank Plc and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
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Applying to Jaiz Bank | SMEDAN Bank Matching Fund Program 2022
Without mistrustfulness, the asset is available to applicants from qualifying micro and small firms for six a month and or until the authorized quota of business plans per participating state is depleted( whichever starts effects out).
The financing period is for a maximum of 30 months, starting with the main disbursement date. This includes a moratorium ( which can endure nearly in the range of 3 to 6 months, depending) on the kind of business).
Beneficiaries must fill out a finance application form, sign all necessary documents with Jaiz Bank Plc, and pay every single approved charge( counting the N5,000 application fee and N5,000 for the cost of conducting a credit search on beneficiaries like two( 2) Credit Bureau sites for processing facilities by CBN regulatory provisions, as well as RTGS move charges).
For both fees, the total is N10, 000.00. Also, all beneficiaries are covered by NAIC’s obligatory Agricultural Insurance and a reputed Takaful company’s key man Takaful insurance for the duration of the project.
The applicable security: Processing of this facility will necessitate the fulfillment and provision of the following items following the conditions/provisions of this program:
- Give your bank’s verification number (BVN).
- Execute the order for a Global Standing Instruction (GSI).
- Credit Guaranty Coverage from NIRSAL.
- Following CBN policy for facilities/financing above N500, 000.00, a moveable asset must be registered with the National Collateral Registry (NCR).
- Keyman risk Takaful insurance cover.