10 Important things to know about the BOA/SMEDAN Loan | Apply for up to N5Million Loan

The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has partnered the Bank of Agriculture (BOA) to offer loans to Small and Medium Enterprises in Nigeria through a Scheme called BOA-SMEDAN Matching Fund Program.

Here are 10 Important things to know about the Program:

1. The Program is much focused on enterprises operating within the Food-processing or Agro-processing Industries.

2. The official Website for the application is https://www.simplifiedcredit.net/matching-fund/screening

3. An Applicant must posses a SMEDAN Unique Identification Number upon registering a business with SMEDAN. Haven't registered your business with SMEDAN?, kindly do so at  https://smedanregister.ng/

4. Currently, the Program is open to Businesses located in these three States: Abuja, Oyo and Kaduna, but would be extended to other States.

5. The Enterprise must be operational since 2018 and must be Nigerian owned, and capable of employing at least 2 Nigerians from the Loan.

6. The Enterprise must be able to source about 65% of its raw materials Locally.

7. The loan amount ranges  from N1.2Million up to N5Million.

8. The Interest rate is 9% interest per Annum with loan Ternor extending to 30 months from the day of disbursement. Moratorium however varies between 2-6 months depending on the type of Enterprise.

9.  An Applicant must provide Bank Verification Number as a prerequisite for the application.

10. An Applicant must posses a clear bankable business plan in the mentioned sector.