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How to Get SMEDAN Loan
SMEDAN is an agency committed to empowering small and medium enterprises (SMEs) in Nigeria by providing SMEDAN loans, comprehensive business registration services, and essential tools for growth.
When you register your business with them, you gain access to a suite of resources, including guidance on legal requirements, expert support, and even opportunities fo`r obtaining loans to fuel your entrepreneurial journey.
In this article, we will explore how to take the first step towards building a thriving and sustainable business by registering with SMEDAN which gives you access to SMEDAN loans.
We will also explore the SMEDAN loan application process and the SMEDAN loan requirements. Let’s dive right in!
SMEDAN- Small and Medium Enterprises Development Agency of Nigeria
SMEDAN, also known as the Small and Medium Enterprises Development Agency of Nigeria, is an agency that provides small and medium-scale businesses with the right tools when they register with them.
Also, they provide businesses with access to government and private sector benefits in order to scale their businesses faster.
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Perks of SMEDAN
As a small or medium-scale business, when you register with SMEDAN, it comes with some benefits, which include:
Financial Services
When you register your business with SMEDAN, you get access to loans from multiple financial service providers. You also get grants from private and governmental organizations.
Additionally, you will get access to the credit information portal that houses SME access to loans.
The portal contains 4 loan types, 88 bank branches, 50 banks, and 880 financial service providers for businesses that register with them.
Benefits from Private Sector
When you register your business with SMEDAN, it gives you access to training, and business educational training by professionals and private organizations, among others.
Benefits from the Governmental Sector
Also, SMEDAN perks do not only come with financial services or access to the private sector but also to the governmental sector, as SMEDAN can give you access to governmental opportunities.
How to Register Your Business with SMEDAN
At SMEDAN, unlocking financial opportunities for your business is our top priority.
Also, they understand the challenges that entrepreneurs face when it comes to securing loans and mortgages from traditional banks.
That’s why they’ve created a platform that connects SMEs with a diverse range of financial service providers, all in one convenient place.
Additionally, by registering your business with them, you gain access to a wealth of lending options tailored to your needs, giving you the capacity to take your business to new heights.
Furthermore, to get started with registration, you should go to their official registration website here: https://smedanregister.ng/
Insert your business name, phone number, email address, and personalized password, then click on ‘Get Started’.
Next, it will take you to a business information page in the registration process where you give more information about your business, such as the year your business commenced, your business address and state location, your website (if available), business type, product type, and category of business by annual turn-over.
After inserting these details in the information form provided, you can click on ‘next’ to finish up the remaining two stages of registration, and that’s it.
Finally, you become a registered business with SMEDAN.
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SMEDAN Loan Requirements
According to the Credit Information Platform, the loan requirements from the various financial service providers vary; therefore, you have to make inquiries before commencing the SMEDAN loan application process. Some common requirements include:
- your means of identification.
- Your latest payslip.
- Certificate of incorporation of your business.
- Audited financial statements and bank account statements;
How to Get SMEDAN Loans
Businesses that register with this agency enjoy a seamless SMEDAN loan application procedure. You can get your SMEDAN loan in these four simple steps:
- The first step is to go to the SMEDAN credit information portal and identify the loan that best suits what you want.
- Next, you will provide basic information on the type of loan you want.
- After that, you should click on search and the website will depict different financial service providers that are similar to or match the information about the loan type you indicated.
- Finally, choose the loan service provider you want to apply to and follow the requirements.
Types of SMEDAN Loans
The Credit Information Portal depicts four different types of loans. Here are the loan types available on the SMEDAN loan platform and how to get them:
Personal Loans
These types of loans are aimed at individuals who aim to achieve certain financial goals or handle unexpected financial demands. The interest on personal loans is low and the loan providers are registered financial institutions.
You can apply for a personal loan in three simple steps:
1.To get started, you should click on ‘personal loan’, fill in important information such as your loan purpose, age, employment status, loan amount, and location, and then click on ‘check availability’.
2. Next, a list of financial services platforms that match your loan search will pop up with their different information.
3. Finally, Click on the service provider you will go with and follow the necessary steps to apply for a loan with them.
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Business Loans
These types of SMEDAN loans are for business growth purposes, and according to SMEDAN, the financial institutions that provide these types of loans include Microfinance banks, commercial banks, Industries, and MSME funds provided by the Central Bank of Nigeria.
As a business, you can apply for a business loan as a sole owner or as a group.
- To apply for the loan, go to the Credit Information Platform, click on ‘Business loans’ Insert details such as the loan purpose, borrower’s age, business age, Location, and loan amount, then click on ‘Check availability’
2. Next, a list of financial institutions that match your business loan search will pop up with their information.
3. Click on the financial institution you will go with and follow the necessary steps to apply for the SMEDAN loan for businesses.
Mortgage Loans
These types of SMEDAN loans are usually long-term loans that aim to help acquire housing properties. With SMEDAN’s credit information portal, you can get access to housing purchase and rent payment plans for the best loan deals with low interest.
The mortgage loan plans are provided by financial institutions and mortgage banks, as well as through the housing scheme funded by the Federal Government of Nigeria.
You can apply for a mortgage loan through the Credit Information Platform. From the platform’s home page, click on ‘Mortgage Loans’, then insert details such as the loan purpose. Borrower’s age, business age, location, and loan amount, then click on ‘Check availability’.
Next, a list of financial platforms that match your mortgage loan search will pop up with their various information.
Click on the platform you will use and follow the necessary steps to apply for the SMEDAN loan for mortgages.
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SMEDAN Loan Providers
The agency has partnered with numerous financial service providers to provide loan services to businesses or individuals registered with them. Some of these loan providers include:
- commercial banks like Access Bank, Union Bank, and First City Monumental Bank, among others.
- Microfinance Banks such as Fahimta Microfinance Banks, Nut End Well MFB, Chimham Micro Finance Bank, and Legacy Micro Finance Bank among others.
- Mortgage Banks such as Danisoft Bank Kano.
SMEDAN Contact Information
If you would like to reach out to SMEDAN to register your business or make further inquiries, then you can find them on Facebook, Twitter, and also via email at info@smedanregister.ng
You can also contact them via their physical location at 35, Port- Harcourt Crescent, Area 11, Garki, FCT- Abuja, Nigeria.
Frequently Asked Questions
Can I apply for a loan directly on the SMEDAN web platform?
No, you cannot, as the platform has not established direct web links to contact the financial platforms; therefore, you have to reach out to the platforms directly.
Where are the SMEDAN financial institutions located?
The loan service is still in its initial stages and is currently limited to Lagos, Abuja, and Kaduna.
How much is a SMEDAN loan?
This follows an agreement signed by the agency in partnership with Sterling Bank to disburse loan options ranging from N250,000 to N2,500,000 at a single-digit interest rate of nine percent, facilitating the growth of small businesses through enhanced financial access.
Conclusion
SMEDAN supports SMEs every step of the way, from initial registration to ongoing growth and success.
By partnering with them, you not only gain access to essential tools and resources like the SMEDAN loan but also become part of a supportive community dedicated to helping you achieve your business goals.
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