The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is set to empower 6,122 trained entrepreneurs nationwide with loans ranging from N250,000 to N5 million at single-digit interest rates.
The Director-General of SMEDAN, Mr Charles Odii, said the agency’s new Inspire, Create, Start and Scale (ICSS) programme addresses a key challenge facing small businesses across the country.
He explained that the initiative bridges the gap between entrepreneurship training and access to finance.
Odii made this known on Tuesday during the launch of the ICSS MSME Financing Window in Abuja. According to him, the initiative combines structured entrepreneurship training with single-digit interest loans to support business growth.
He stated that the scheme allows participants to acquire laptops, power solutions, and operational equipment essential for business growth and sustainability.
“The current phase involves 100 participants, while 6,122 trained entrepreneurs nationwide are targeted for financing support.
“The programme has already been implemented in Niger, Edo, Enugu, Abuja, Lagos, and Kano States,” he said.
Odii described ICSS as a “capital-training bridge” that equips entrepreneurs with the technical, managerial, and financial skills demanded by banks. He noted that the goal is to transform business training into actionable access to funding opportunities.
He called on more financial institutions to partner with SMEDAN to scale the dedicated loan facility nationwide. He stressed that sustainable growth for Micro, Small, and Medium Enterprises requires directly linking training with funding.
Earlier, the Minister of Youth Development, Ayodele Olawande, said access to finance remains the most critical factor enabling young Nigerians to convert ambition into viable businesses. He added that structured support is essential for growth.
“Across our nation, young people are energetic, creative, and ambitious, yet many lack capital and opportunities to convert ideas into sustainable enterprises.
“There is, therefore, a need for deliberate investment in youth-led businesses,” he said.
Olawande highlighted three priority areas for youth development, which include transitioning to greener growth, adopting digital solutions, and building practical enterprise skills to attract financing and foster sustainable business models.
He noted that decades of economic growth have not always benefited the youth, leaving many disconnected from opportunities.
“Programmes integrating training, mentorship, finance, and market linkages are essential to close this gap,” he said.
He emphasised that sectors such as agriculture, manufacturing, technology, and the creative economy are key drivers of local production and global market connectivity.
Also speaking, the Head of Development Cooperation of the German Government, Dr Karen Jansen, commended SMEDAN for its leadership and thanked Jaiz Bank and other partners for supporting the dedicated loan facility.
She said the German Government, through the Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by GIZ, has supported ICSS in six states and Abuja.
Jansen stated that access to finance must match capacity, explaining that the facility offers START loans ranging from N250,000 to N2,000,000 and SCALE loans from N1,000,000 to N5,000,000.
“It is targeting 50 beneficiaries in the pilot phase, with a special focus on women and young entrepreneurs”.
She praised the integrated design linking structured training, mentorship, and responsible financing, noting that beneficiaries are expected to demonstrate repayment commitment.
Some beneficiaries testified to the programme’s impact.
David Inalegwu, a professional photographer and videographer, said the initiative enabled him to expand operations, relocate to a suitable workspace, and upgrade equipment to meet growing demand.
Ruqayyat Yusuf, a natural cosmetics and agro-processing entrepreneur, said the programme would greatly support women-led businesses, enabling expansion into export markets and increased production capacity.
