The Federal Government SMEDAN Loan MSME Fund Registration Program 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.
Also, the agency accomplishes this objective by assisting Small businesses and entrepreneurs have access to loans and 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 get access to funds and training, and this is the objective of The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Although SMEDAN mostly disburses loans themselves, they are not the principal 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 from SMEDAN (including the fund providers) in its pool are accessible through the SMEDAN credit information portal.
About Federal Government SMEDAN Loan MSME Fund Registration
Requirement and collateral demands vary, given that loans are not directly from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) _ and there are various loan providers in the pool.
Nevertheless, the priority of SMEDAN is on loan without collateral. Or with the least collateral demand.
You can apply for the loan as an individual or as a group.
How to get a loan from Federal Government SMEDAN Loan MSME Fund Registration
To obtain a loan from SMEDAN or any of the fund providers in its pool, follow these steps:
- Go to the SMEDAN credit information portal
The crucial step is to go to the credit information portal. You can access the webpage from your computer, tablet, or phone. To access the credit information portal click here.
- 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 include:
- Personal loan: Personal loans are for individuals to achieve aims/targets quickly
- Business loans: Business loans attempt to help businesses grow
- Mortgage loans: Mortgage Loans work toward helping 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
- Deliver the required information.
Federal Government SMEDAN Loan MSME Fund Registration
You will have to give the essential details, more like building a profile. You must only provide precise information.
Information needed will include the goal of the loan, your age, employment status, and how much you need. See the screenshot below as an example.
Fill in the required information
- Get loan options.
Once you have filled in the required information, click on ‘check availability. You should be able to see the available loan options for you from there, based on the information that you provided.
- 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.”
Federal Government SMEDAN Loan MSME Fund Registration 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 locations: Lagos, Abuja, and Kaduna. Nevertheless, if you are not in these states, you can still try. You will see alternatives for “All states” when applying. Choose it. You may still have loans to access.
Federal Government SMEDAN Loan MSME Fund Registration: 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: firstname.lastname@example.org