Guide On Getting A Loan From SMEDAN
SMEDAN is the abbreviation for The Small and Medium Enterprises Development Agency of Nigeria is an organization that was authorized through an Act in 2003 by the government. The objective of SMEDAN is to aid, guide, and enhance the development of the MSME( Micro, Small, and Medium Enterprises) division of the country.
SMEDAN executes its objectives by allowing small enterprises and entrepreneurs to get loans as well as guide them through the basic knowledge required of them. The agency often sets up several activities to boost the functioning of the MSME division.
You have to be aware of the fact that the Micro, Small, and Medium Enterprises (MSME) is the pillar on which the economy of Nigeria stands. There would be a swift development in the economy of Nigeria provided the small enterprises and the rising entrepreneurs can be helped monetarily and be taught how to manage their businesses. And this is the main objective of SMEDAN ( The Small and Medium Enterprises Development Agency of Nigeria ).
Note: SMEDAN loan portal has not been functioning for some time probably due to some redesigning or other reasons.
Applying For a loan On SMEDAN
- Go to the credit information portal of SMEDAN.
- Click on the kind of loan you want to get.
- Supply basic and essential details needed.
- Click on categories of loans.
- Make a loan request.
- Having the basic knowledge of SMEDAN loan
- The collateral and necessities for getting a loan from SMEDAN.
- The eligibility of people that can get a loan from SMEDAN.
- Rate of interest for getting loans from SMEDAN.
- SMEDAN Locations that can be reached.
- SMEDAN Communication link.
Having the basic knowledge of SMEDAN loan
Though the agency frequently gives out loans. The loans are not cogently given out by SMEDAN and do not necessarily provide loans on their own. In many cases, SMEDAN like NEDEP( National Enterprise Development Programme) do stand as an intermediary, even though they usually give out loans.
They connect with various sources like cooperative organizations, banks, and other financial institutions. SMEDAN makes a variety of loans available and also to be within the reach of small enterprises and entrepreneurs. Small enterprises and entrepreneurs can get all these loans by the operating system governing the affairs of different institutions. The Central Bank of Nigeria (CBN), as well as the Bank of Agriculture (BOA), also makes loans available through the means of its operating system.
In a nutshell, SMEDAN serves as a middle man between small business Enterprises and fund providers. The matchmaker is SMEDAN.
You can get access to every loan available to people from SMEDAN and the provider of funds by going to the SMEDAN credit information portal.
Collateral and prerequisite for SMEDAN loans.
So far every loan is not made available by SMEDAN, i.e there are other loan providers. Therefore, the prerequisites and collaterals are different.
Despite this, the area of concentration of SMEDAN is basically on loan without any collateral or rather with a subsidized demand for collateral.
Generally, small businesses enterprises and entrepreneurs in Nigeria can have access to the loans in the pool.
Who can apply for a SMEDAN loan?
SMEDAN loan is available to all small business Enterprises and Entrepreneurs in Nigeria. The loan can be applied for individually or as a group.
How to get a loan from SMEDAN
The following are the steps to follow to get a loan from SMEDAN or any other organization that provides funds.
- Go to the credit information portal of SMEDAN
The first step is to visit the credit information portal. You can access the portal from your computer, tablet, or phone. To access the credit information portal click here.
- Click on the kind of loan you want.
Press “Access loans” on the menu at the upper edge. Majorly, we have four kinds of loans from the options which are;
- Personal loans: These are loans that help a person in achieving their plans very fast.
- Loans for Business: They are loans that help to boost the growth of a business.
- Loans for Mortgage purposes: These are loans that are used for the acquisition of property. It helps people to be rightful owners of houses and it is a long-term loan.
- Credit Card Loans: These loans are meant to keep you moving.
- Make available important details.
It will require you to make available important details, it’s the same as createing a profile and exact details are needed to be filled in by you.
Information required will include the purpose of the loan, your age, employment status, and how much you need.
- Have a range of loans.
After you have filled in the needed details, press on check availability. After this, you will see the current range of options available for you based on your details.
- How to apply for SMEDAN loans
Check through the details of SMEDAN, the prerequisite for getting each loan and their rate of interest will be seen. Immediately, you see the one you can go for in all the ranges of options, click on view details and apply. After which you will click “ok” Get started and from this, you can put in for the loan you want to borrow.
The interest rate for SMEDAN loans.
The loans are not fixed, i.e the loans are from several mediums, and because of this, the interest rate is not static. However, the priority of SMEDAN is on loans that have a small rate of interest.
Places where SMEDAN loans can be gotten.
At the present, only a few states in the country have access to loans from SMEDAN. SMEDAN can be found in different states but their major locations are; Abuja, Kaduna, and Lagos. Nevertheless, if you do not reside in any of these states, you can still have access to SMEDAN. Just go through their list available for all the states in the country and click on your location, there is a possibility that you will get a loan.
You can connect to SMEDAN through the details below:
Office Address: No 35 Port Harcourt Crescent, Area 11, Off Gimbiya Street, Area 11, Garki, Abuja.
SMEDAN Website: smedan.gov.ng or cip.smedan.gov.ng
The Email Address for SMEDAN is email@example.com
If you need to get the ranges of other loans, you can go through the SMEDAN page.