One of the most challenging things in life is getting a loan to solve your financial problems. The same thing goes in businesses as well, MSMEs and SMEs are hindered from starting their business due to shortage of funds. If you are looking for money to expand and grow your business, you should consider the SMEDAN loan.
About SMEDAN: Meaning & History
SMEDAN (Small and Medium Enterprises Development Agency of Nigeria) is an organization that aims to promote the economy by providing support for businesses. Also, they organize seminars, workshops and training regularly to help small business owners and entrepreneurs improve their business ventures. These seminar programs are created to boost the MSME sector of the economy.
One of the ways SMEDAN supports startups and young entrepreneurs is by giving them loans. They make funds available and accessible to those in need of it.
SMEDAN doesn’t provide loans from its own purse only, they also team up with other agencies, organizations and corporate societies to provide loans to entrepreneurs in Nigeria. At times, they act as a middleman in disbursing the NEDEP (National Enterprise Development Programme) loan, Bank of Agriculture (BOA) and other business loans.
Requirements for SMEDAN loan
Since SMEDAN provides the offers of different loan companies on its portal, it is expected that the loan requirements will not be the same. Therefore, the eligibility and requirements of any loan obtained on the SMEDAN platform strictly depend on the loan provider.
You are eligible for this loan if you have a business, or if you are an entrepreneur with a great business idea. Also, you must have a means of identification and your business must be legitimate and verifiable.
SMEDAN Loan Offer
There are different types of loans on the SMEDAN platform. Irrespective of the type of loan you’re looking for, these loan offers will cater to your financial needs.
Basically, there are four types of loan for you to choose from; they include:
Personal loans are created to meet up with the day-to-day needs of individuals. These needs could be money for food, shelter, clothing etc. They help to settle and achieve the aims and objectives of individuals quickly.
These loans are made for business ventures and enterprises. They can help your business grow and also help you achieve your business-oriented goals and targets.
These loans assist you in acquiring properties; they are long-term loans which make people landlords and property owners.
Credit Card Loans
They provide individuals with financial help on the go.
Currently, these loans are not available in all the 36 states of Nigeria. Only residents in Lagos, Kaduna, and Abuja have access to these loans. However, you can still try to apply if you reside outside these states.
How To Apply for SMEDAN loan
To apply for this loan, you have to visit the portal at cip.smedan.gov.ng with a laptop or smartphone. After then, choose the type of loan you want. You will be required to enter some important information like your age, work/business status, the purpose of the loan etc.
Upon completion of the piece of information, click the ‘check availability’ button to see the available loan offers based on the information you provided on the portal.
After seeing the results produced by the system, click on the loan option you want and apply.
SMEDAN Interest Rates
Since the loan are provided by different companies and organizations, there is no fixed interest rate. However, SMEDAN loans come at small interest rates.
Repayment of SMEDAN loan
When you collect the loan, they will provide you with the method on how to pay it back.
SMEDAN Contact Details
The following are the ways you can contact SMEDAN. Besides, if you have issues to resolve or enquires to make, do well to contact them.
- Head address: 35 Port-Harcourt Crescent, Area 11, Garki (Abuja)
- Email: [email protected]