Do you know that you can have easy access to loans with SMEDAN? The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), does not give loans to individuals or small businesses but link them up with organizations that issue loans or grants.
The Small and Medium Enterprises Development Agency of Nigeria has the sole aim of promoting the development of smaller businesses across the country. SMEDAN partners with organizations such as the Bank of Agriculture (BOA) and the Bank of Industry (BOI).
The role of the Small and Medium Enterprises Development Agency of Nigeria is to provide credit to small businesses, by doing so SMEDAN provides entrepreneurship training and business development, while the disbursement of loans is being headed by other institutions such as the BOA, BOI, CBN etc.
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SMEDAN’s Mandate
The following are the core Mandate of the Small and Medium Enterprises Development Agency of Nigeria:
- Stimulate, monitor and coordinate the development of micro, small and medium-sized enterprises (MSMEs)
- Develop and implement polices favorable to the growth of MSMEs
- Engage in capacity building
- Help MSMEs get access to credit and other forms of funding Being a registered member of the small
Requirements for loan through SMEDAN
To be eligible for any of the SMEDAN’S loan, applicants must have the following criteria needed for loan approval:
- Completed application form
- Business plan
- Cash flow budget
- Certificate of Incorporation
- Valid means of identification (driving license, passport, voters card)
- Proof of address
- Details of collateral offered (if any)
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Categories of Programs
The following are the categories of loan programs that the Small and Medium Enterprises Development Agency of Nigeria runs:
- Automotive (Component Parts Fabrication) Empowerment Scheme
- Commercialization, Empowerment Initiative (for ICT)
- Conditional Grant Scheme (CGS)
- Enterprise Network Initiatives
- Financial Empowerment for MSMEs
- Garment and Textile Cluster Growth Support Scheme
- Hewlett Packard – Learning Initiative for Entrepreneurs (HP – Life)
- Leather Cluster Enterprises Scheme
- MSME Market Linkage Initiative
- One-Local Government-One-Product (OLOP)
- SMEDAN Cloud for MSMEs
- Waste to Wealth Cluster Development and Enhancement Scheme
- Young Business Owners in Nigeria (Y-BON)
How to apply for Loan through SMEDAN
You can apply for a loan through SMEDAN by either applying to one of SMEDAN’s training programs or by using SMEDAN’s credit information portal before going on to directly apply for a commercial bank loan
Does SMEDAN give grants?
SMEDAN does give conditional grants. These grants come as part of certain initiatives that SMEDAN run
Does the Small and Medium Enterprises Development Agency require collateral?
SMEDAN does not require collateral because they provide secured loan. What will be required of you is a personal guarantor
Note: Beware of Scammers and false news about SMEDAN’S loan
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