The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in collaboration with Sterling Bank Ltd., on Monday, unveiled five billion naira initiative-Databanc loan to address financial gaps for small businesses.

Recall that the initiative was launched in Lagos with the theme: “Building with Data: Promoting Economic Growth through Data Driven Insights.”

Databanc is a five billion single digit loan to engender easier access to funds by Nano, Micro, Small and Medium Enterprises ( NMSMEs).

Mr Bunmi Kole-Dawodu, the Lagos State Manager, SMEDAN, said the funding tool would be geared towards providing local and tailored made support for business at the smallest levels.

Kole-Dawodu added that the funding tool would provide access to markets and all factors to drive entrepreneurship.

He said the initiative would aid Nigeria’s export potential and provide accurate data information about nano enterprises to drive their growth and sustainability.

Kole-Dawodu noted that Micro, Small and Medium Enterprises (SMEs) had hitherto complained about not having easy access to financial interventions.

“Now this platform would provide accurate data on nano, micro and small businesses in Nigeria while facilitating the requisite business support for these businesses.

“It is important to have the support of business membership organisations to help encourage members to go on the platform and register to foster data driven insights,” he said.

Kole-Dawodu restated SMEDAN’s commitment to the development of small businesses across the country and urged SMEs to trust in the agency for all round support.