Detailed Guide On How To Access SMEDAN Loan Application Online
Due to the unexpected outbreak of COVID-19, a lot of companies/organizations as decided to help the masses to bring their life back to normal through giving loans to start a business.
What Is SMEDAN
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is a government-sanctioned agency created by an Act in 2003. The goal of SMEDAN is to help, mentor, and promote the growth of the Micro, Small and Medium Enterprises (MSME) sector of the economy.
The agency achieves this goal by helping Small businesses and entrepreneurs have access to loans and also offering training and mentorship. Frequently, the organization organizes different programs and projects aimed at helping the MSME sector.
As you may know, the MSME sector of the economy is the backbone of Nigeria’s economy. It is widely believed that if small businesses and emerging entrepreneurs can be empowered with access to funds and training, the Nigerian economy would grow rapidly. That is the goal of The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Understanding SMEDAN Loan
SMEDAN does not necessarily provide the loan on its own. While they occasionally disburse loans themselves, such as the National Enterprise Development Programme (NEDEP) loan, they most often time act as a middle man.
They create a pool of loans accessible to small businesses and entrepreneurs from different providers such as banks, Micro-finance, cooperate societies, and more. They then give entrepreneurs and small businesses access to these loans through its platform. There are also loans provided by the Central bank of Nigeria (CBN) on its platform. Bank of Agriculture (BOA) loans can also be accessed from them.
In summary, it is more like matchmaking between small businesses/entrepreneurs and fund providers. The matchmaker is SMEDAN.
All loans offered by SMEDAN itself and the fund providers in its pool can be accessed through the SMEDAN credit information portal.
What Is The SMEDAN MSME Registration About?
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has commenced the mass registration of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. This mass registration exercise will facilitate the development of a comprehensive database for MSMEs in Nigeria, and each MSME will have a Unique Identification Number created for them.
FAQS On SMEDAN MSME Registration
Who Can Register?
This registration exercise is open to all Micro, Small, and Medium Enterprises operating in Nigeria, including Artisans, traders, Tailors, Fashion Designers, Spare Parts Dealers, Barbers, and so much more! If you run a business, you are qualified to register.
Why Register?
Registering as an MSME on this database will enable critical stakeholders in the private and public sectors to provide you with the necessary support, policies and programs tailored for you. Registered MSMEs will be the direct beneficiaries of various SMEDAN programs, as well as other public and private sector organizations.
What Are the Benefits of Registration?
- The registration exercise is simple and easy to complete within minutes. More importantly,
- Creation of a SMEDAN Unique Identification Number (SUIN);
- Access to the SMEDAN Conditional Grant Scheme (Grants of up to N50,000 per MSME);
- Priority funding from public and private sector financial institutions, including International Donor Agencies;
- Empowerment Programs and Entrepreneurship Training
- Business Insurance*
- And Many More!
For more information, visit SMEDAN