The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is a government authorized agency created by an Act in 2003. The objective of SMEDAN is to aid, guide, and facilitate the advancement of the Micro, Small and Medium Enterprises (MSME) sector of the economy.
The agency accomplishes this objective by assisting Small businesses and entrepreneurs have access to loans and also offering training and mentorship.
Apparently, the MSME sector of the economy is the strength of Nigeria’s economy and it is known that the Nigerian economy will bloom if small businesses and developing entrepreneurs can be empowered with access to funds and training, and this is the objectives of The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Although SMEDAN mostly disburses loans themselves, they are not the main provider of the loan.
They acquire a pool of loans available to small businesses and entrepreneurs from various providers such as banks, microfinance, cooperate societies, and more.
They then offer entrepreneurs and small businesses access to these loans through its platform. There are also loans given by the Central bank of Nigeria (CBN) or Bank of Agriculture (BOA) on its platform.
All loans given by SMEDAN itself and the fund providers in its pool can be gotten through the SMEDAN credit information portal.
SMEDAN loan requirement and collateral Programme
Considering the fact that loans are not given by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and there are various loan provider in the pool, requirement and collateral demand varies.
Nevertheless, the priority of SMEDAN is on loan without collateral. Or with least collateral demand.
You can apply for the loan as an individual or as a group.
How to get a loan from SMEDAN MSME Fund program
To obtain a loan from SMEDAN or any of the fund providers in its pool, follow these steps:
1. Go to the SMEDAN credit information portal
The main step is to go to the credit information portal. You can access the portal from your computer, tablet or phone. To access the credit information portal click here.
2. Choose the type of loan that you want
Subsequently, choose the type of loan that you are looking for. Click on Access loans on the top menu. There are practically four categories of loans to select from. The four categories of loan accessible includes:
•Personal loan: Personal loans are geared toward assisting individuals to achieve aims/target quickly
•Business loans: Business loans are aimed at helping businesses grow
•Mortgage loans: Mortgage Loans are geared toward to help in obtaining property. It is usually a long-term loan to help individuals own their houses
•Credit card loans: Credit card loans are to assist you on the go
3. Deliver the required information
You will be implored next to give the essential details. More like building a profile. You must only give precise information.
Information needed will include the goal of the loan, your age, employment status and how much you need.
Fill in the required information
4. Get loan options
Once you have filled in the required information, you click on ‘check availability’. From there you should be able to see the available loan options for you based on the information that you provided.
5. Apply for a loan
Go through the outcomes. You will see the loan requirements for every one of them and the interest rates. When you find the one that suits you, apply. Just click on “View details and apply.” Then click on “Get started.”
SMEDAN loan interest rates
There is no fixed interest rate due to the different loan providers. However, SMEDAN prioritized loans with small interest rates.
Presently, the loans are accessible primarily in only a few states in Nigeria. You can still discover some in other states but the coverage is mostly in the following states: Lagos, Abuja, and Kaduna. Nevertheless, if you are not in any of these states you can still try. You will see alternatives for “All states” when applying. Choose it. You may still have loans to access.
You can reach out to SMEDAN through the following information:
Address: No 35 Port Harcourt Crescent, Area 11, Off Gimbiya Street, Area 11, Garki, Abuja.
Website: smedan.gov.ng or cip.smedan.gov.ng
Email Address: [email protected]