We are delighted to inform the general public that the Federal Government has opened the portal for Business Loan Application for Small and Medium Scale Business Owners to apply under The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). This article will guide you through on how to apply and get the loan approval. Make sure you read carefully.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was established by the SMEDAN Act of 2003 to promote the development of the MSME sector of the Nigeria Economy. The Agency positions itself as a One Stop Shop for MSME Development. Micro Enterprises are included in the clientele of the Agency since they form the bedrock for SME’s
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is a Nigeria government agency created to assist small and medium scale businesses and business owners by providing them with loan, training and mentor-ship for faster growth.
Benefits of SMEDAN
- Access to the SMEDAN Conditional Grant Scheme (Grants of up to N50,000 per MSME);
- Priority funding from public and private sector financial institutions, including International Donor Agencies;
- Empowerment Programs and Entrepreneurship Training
- Business Insurance
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SMEDAN Loan Requirements
The SMEDAN loan can only be accessed by small businesses and entrepreneurs in Nigeria.
How To Apply For SMEDAN Loan – Ease Requirement
The Micro, Small and Medium Enterprises (SMEDAN) is eligible to apply are including Artisans, traders, Tailors, Fashion Designers, Spare Parts Dealers, Barbers etc, if you are eligible, hurry and apply.
- You must reside and be a Nigerian citizen by birth.
- You must have at hand, your Birth certificate or age declaration.
- You must have a Bank verification number (BVN)
- You must have a valid phone number and E-mail Address
- You must possess a WAEC/BSc/HND degree from a reputable institution.
- You must be between 18 to 45 years before December 31st, 2018.
- You must have a valid identification e.g International Passport, Voters ID-Card, National ID-card or Drivers License.
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Method Of Application
To start the application the SMEDAN loan, below are the steps tp follow.
1. Visit SMEDAN information web portal
The first step is to visit SMEDAN information portal. You can access the portal from your computer, tablet or phone.
2. Select the type of loan you want
Next is to select the type of loan that you are looking for. Click on Access loans on the top menu. There are basically four types of loan to select from. The four types of loan available includes:
Personal loan: Personal loans are aimed at helping individuals achieve aims/target quickly
Business loans: Business loans are targeted to help businesses grow
Mortgage loans: Mortgage Loans are aimed to assist in acquiring property. It is usually long-term loan to assist individuals own their houses
Credit card loans: Credit card loans are to help you on the go
So select the type of loan that you are looking for.
3. Provide needed information
Information required will include the purpose of the loan, your age, employment status and how much you need. See the screenshot below as an example.
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.
Apply for SMEDAN loan Here
Go through the results. You will see loan requirement for each of them and the interest rates. Once you find the one that is okay by you, you apply. Simply click on “View details and apply.” Then click on “Get started.” From there you can apply.
HOW TO APPLY
Interested and qualified Nigerians should visit smedan.gov.ng. to start the application process.
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