SMEDAN Loan: SMEDAN (Small and Medium Enterprises Development Body of Nigeria) is a government-run agency established in 2003 by an Act. SMEDAN’s mission is to support, guide, and enable the growth of the economy’s micro, Small, and Medium Enterprises (MSME) sector.
The organization achieves this goal by supporting small firms and entrepreneurs in obtaining financing and providing training and mentoring.
The MSME sector of the economy is reportedly Nigeria’s economic strength, and it is well known that the Nigerian economy will flourish if small businesses and developing entrepreneurs are given access to funds and training, which is one of the goals of the Nigerian Small and Medium Enterprises Development Agency (SMEDAN).
Further Info SMEDAN loan Disbursment
Even though SMEDAN disburses most of the loans, they are not the primary lender.
They amass a pool of loans for small firms and entrepreneurs from a variety of sources, including banks, microfinance, cooperative organizations, and others.
They then use their platform to provide these loans to entrepreneurs and small enterprises. On its behalf, the Central Bank of Nigeria (CBN) or the Bank of Agriculture (BOA) provides loans.
You can use the SMEDAN credit information portal to obtain information on all loans provided by SMEDAN and the fund providers in its pool.
Loan requirements and collateral for the SMEDAN program
Because the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) does not issue loans and there are other loan providers in the pool, the requirements and collateral demand vary.
Nonetheless, SMEDAN’s focus is on no-collateral loans. Alternatively, with the least collateral demand.
You can apply as an individual or as a group for the loan.
How do I apply for a loan from the SMEDAN MSME Fund?
Follow these steps below to get a loan from SMEDAN or any of the fund providers in its pool:
- Visit the SMEDAN credit data site.
The first step is to visit the credit reporting agency’s website. You can use your computer, tablet, or phone to access the portal. Click here to go to the credit information portal.
- Decide on the type of loan you require.
Following that, decide on the type of loan you require. On the top menu, select Access Loans. There are four different types of loans to choose from. The following are the four types of loans that are available:
- Personal loan: Personal loans are there to help people accomplish their goals and objectives swiftly.
- Business loans: Business loans are designed to assist firms in expanding.
- Mortgage Loans: Further more, Mortgage loans are there to assist in the acquisition of real estate. It is usually a long-term loan to assist people in purchasing their homes.
- Credit card loans: While Credit card loans are to help you when you’re on the road.
- Provide the necessary details
Following that, you are to provide the necessary information. It’s more akin to creating a profile. You must only provide precise details.
The purpose of the loan, your age, job status, and the amount you require are all you are to provide.
Complete the required fields.
- Investigate your loan alternatives
You click ‘check availability after filling up the relevant information. Based on the information you supplied, you should be able to see the potential loan possibilities for you.
- Make a loan application
Examine the outcomes. You’ll see the loan requirements and interest rates for each of them. Apply after you’ve found the one that’s right for you. Simply select “View details and apply” from the drop-down menu. Then select “Get started” from the drop-down menu.
Interest rates for SMEDAN loans
Because of the variety of loan providers, there is no fixed interest rate. Loans with low-interest rates, on the other hand, are usually more in the SMEDAN program.
SMEDAN Loan: Available locations
Only a few states in Nigeria have access to the loans now. Some are in other states; however, Lagos, Abuja, and Kaduna have the largest coverage. You can still try even if you aren’t in one of these states. When you apply, you’ll be given the option of “All states.” Select an option. There’s a chance you’ll be able to get a loan.
SMEDAN’s contact information is as follows:
No. 35 Port Harcourt Crescent, Area 11, Off Gimbiya Street, Garki, Abuja
Email address: email@example.com