The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), on Tuesday, disbursed N4.8 million to 100 Small and Medium Enterprises (SMEs) in Osun East and Osun Central to enhance their businesses.
Director- General of the Agency, Dr. Dikko Radda, in Osogbo, said that the fund was meant to help Young Business Owners (Y-BON) become entrepreneurs.
According to him, the fund will empower the SMEs to also create more jobs for the unemployed.
Radda, represented by the Deputy Director, Mrs Chibuzor Osuoah, said the beneficiaries from Osun West, Osogbo and Osun East, Ilesa were carefully selected.
“The Y-BON was selected from registered cooperative societies through rigorous screening during the sensitisation programme.
“We engaged them on entrepreneurial training and we gave them cash to enable them triumph in their various businesses.
“But the agency had come up with the post disbursement monitoring to the beneficiaries on how they go about using the funds given to them.
“The Agency has been able to disburse over N4.8 million in cash to the SMEs.
“It is a supportive package by the Federal Government aimed at empowering them and making them self-reliant and also employers of labour,” he said.
Radda encouraged the beneficiaries to make valuable contributions to the society by using the funds given to them by the Federal Government wisely and for the benefit of others.
Earlier, Dr. Samuel Adebola, the state manager of SMEDAN, urged the beneficiaries to be committed to the success of their businesses.
He added that it would help in creating more jobs for the unemployed youths who are not beneficiaries.
Adebola said the agency would serve as watchdog to ensure that the grants given to the beneficiaries were used for the right purpose and also to make their businesses grow.