Did you know you could apply for a business loan through SMEDAN?
Well, the agency which is responsible for the development of MSMEs in Nigeria has created a portal that makes it super easy to get business loans and other types of loans too. SMEDAN is an acronym for Small and Medium Enterprise Development Agency of Nigeria. It was established in 2003 to help MSMEs grow faster by providing them with the right tools and access to internal and external sources of finance, appropriate technology, technical skills etc.
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SMEDAN Business loans are mainly low-interest loans sourced from different loan providers which can be offered to businesses with different needs.
Step-By-Step Guide to Getting a Business Loan from SMEDAN
The following steps would help guide to on how you can get a SMEDAN loan for your small business:
- Click here to open SMEDAN’s Credit Information Portal.
- Fill out the Eligibility form; you would be required to choose the purpose of the loan the age of your business and the business owner, location and loan amount.
- After filling out the form click on ‘Check Availability’; you would be able to see a list of loans from different financial institutions that fit your requirements.
- Go through the loan search results. You will see different loans with a different requirement for each of them. Once you find the one that fits your needs simply click on “View details and apply.”
- The next step is to click on “Get started.” A window will appear with a Credit Application form. Fill out the form with details like your business name, personal information, SMEDAN ID etc. then click ‘submit information’.
NOTE: That the SMEDAN Credit Information Portal is currently limited to 3 states; Lagos, Kaduna, Abuja due to the fact that it is in its pilot phase with other states expected to be added in the next phase of the project.
We advise you to use a PC to apply for the loan for a smoother experience.
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