April 24, 2024

SMEDAN to help small businesses access funds for growth

SMEDAN to help small businesses access funds for growth

By Emmanuel Elebeke

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced a new initiative, the “SMEDAN Speed Pitch”, a business pitch competition designed to enhance financial literacy and provide small businesses with opportunities to access funds for growth.

Participants in the program will receive training and support to develop and clearly articulate unique business innovations, viability, and potential to unlock opportunities, including private investments, in the country and across the globe.

The first edition of the pitch competition will take place on May 1, 2024, at the Eko Convention Center in Lagos, as part of the NSME Engagement Series hosted by Engr. Jennifer Adighije, the Senior Special Assistant to the President on Entrepreneurship and Innovation/Digital Economy.

The DG of SMEDAN, Charles Odii said the initiative is part of SMEDAN’s ‘GROW Nigerian’ strategy, which focuses on boosting local production by providing SMEs with financial and non-financial resources, including markets, knowledge, mentorship, and tools, to grow sustainably and spread prosperity.

To participate in the first edition, businesses must be female-owned, registered, and in operation for at least three years. Applications open on April 24 and close on April 27.

Shortlisted applicants will undergo a test to determine the top five performers who will get the chance to present their pitch at the main event in Lagos. The winner will receive a prize of one million naira for workforce support, procurement of work tools, and business expansion. Runners-up will receive 300k and 200k respectively, along with free Business Development support.