The Small and Medium Enterprises Development Agency of Nigeria SMEDAN has launched a credit information portal. The Portal provides an information pool that will assist Entrepreneurs make informed decisions in getting loans and credits from financial institutions within their locations.
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SMEDAN means: Small and Medium Enterprises Development Agency of Nigeria, it was established by the SMEDAN Act of 2003 to promote the development of the MSME sector of the Nigeria Economy. The Agency positions itself as a One Stop Shop for MSME Development. Micro Enterprises are included in the clientele of the Agency since they form the bedrock for SME’s
SMEDAN Loan Facilities:
There are majorly four types of loans you can access on the SMEDAN CIP website; they are:
1. personal
2. business
3. Mortgage and
4. Credit.
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Loan Application Process Stage:
Whichever one you choose, will take you through a four stage process before you can access the information.
1. The first stage is by clicking on any of the loans of your choice (Personal, Business, Mortgage and Credit)
2. The second stage where you have to fill in a quick form to search for the required loan selected from stage for the required loan selected from stage one
3. The third stage shows you a list of loans that matches your search criteria
4. The final stage is to view the contact information of your required loan.
Type of information Required:
SMEDAN advised each business owner to request this category of information from each financial institution as requirements may vary. However, the common documents requested are the certificate of incorporation of your business, audited financial statements and bank account statements.
How to locate the financial institutions:
The service is still in its pilot phase and it is currently limited to Kaduna, Lagos and Abuja. The initiative will be rolled out in other parts of the country after the initial phase.
How to apply
Interested loan Applicants should go to https://cip.smedan.gov.ng to view details and the apply.