How to get up to N1,000,000 loan from SMEDAN

The Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, which commenced a mass registration of Micro, Small and Medium Entreprises, MSME, in Nigeria, assigning Unique Identification Numbers and Certificates, has launched a platform which links MSMEs to information on loan offers and application with ease.

According to SMEDAN, 'the Idea of this website is to create a database of financial information in all the 36 states of the federation including the Federal Capital Territory (FCT), Abuja so as to ease up the task of sourcing for information regarding available credit facilities for Micro, Small and Medium enterprises (MSMEs).'

The process which has commenced in 3 States, Abuja, Kaduna and Lagos would enable MSMEs, just in a click, ascertain the availability of their intended loan in many financial institutions such as Commercial Banks, Microfinance Banks, Mortgage Banks and other Financial Institutions through the Credit Information Portal (CIP), and through the platform, apply for loans electronically and with ease.

The 'Digital Economy' revolution, one of the key agenda of the President Mohammadu Buhari led administration, has the Small and Medium Enterprises in huge consideration as it would equip the SMEs digital friendliness in getting all assistance with comfort, necessitating the strategic development from SMEDAN.

How to access a loan through SMEDAN

1. Visit the credit information portal of SMEDAN – http://cip.smedan.gov.ng/

2. Select the business loan option.

3. Provide basic information on your loan needs such as age, employment status and how much needed and purpose of loan.

4. Get search results based on the basic information provided.

5. View the loan requirements and the interest rates of the loans that appeared on search results and apply for a loan.

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