SMEDAN stands for Small and Medium Enterprises Development Agency of Nigeria. This body was instituted in 2003 and charged with the aim of developing Medium and Small Scale enterprises in Nigeria. In that sense, they offer loans to entrepreneurs and business owners. Here in this post is everything you need to know about Smedan Loan.
SMEDAN loan is applied through various commercial banks, microfinance banks, mortgage banks and so on. Therefore the requirements for the application of the loan is no definite as if differed with banks.
Nevertheless, the minimum requirements are:
- You must be a business owner or an entrepreneur whose business is verifiable.
- You must have valid means of identification.
- Getting this loan requires you have a collateral and/or guarantor.
During your application processes depending on the bank you chose, you will be told other requirements to be added to these ones already mentioned.
How to apply
To understand SMEDAN better, see it as a body that trains youths and entrepreneurs and also pool together accessible loans to business owners and entrepreneurs.
However, SMEDAN does not give out loan on their own; they do that through the commercial banks.
There are four major types of loans you can access on SMEDAN. They are:
Currently the loan is available in Abuja, Kaduna and Lagos States. To discover which banks at which you can apply the SMEDAN Check this lists:
List One (Commercial Banks)
List Two (Microfinance Banks)
The application for the loan is not applied through the SMEDAN website. You can only apply for the loan by going to any of those banks in the list.
The interest rate of SMEDAN loan is not fixed. It varies with the financial institution offering the loan, but there is a certainty that it has a low interest rate since its aim is to provide credit loan to businesses at the best interest rate.
Other Popular Banks That Gives Loans In Nigeria:
- NYSC Loan
- Jaiz Bank Loan
- Bank Of Agriculture Nigeria Loan
- Kiakia Loan App
- Sterling Bank Loan
- Agsmeis Loan
- Fint Loan
- Dbn Loan Nigeria
- Zenith Bank Loan
- Federal Government Empowerment Loan For Entrepreneur
As the financial institutions through which SMEDAN offers loan vary, so do the repayment methods differ. The loan tenors is determined by the bank so also is the repayment methods.
After a successful loan application, the bank will lay down the repayment methods to you. Prior to this, you will be told the loan tenor and decide if you are good by it.
You can search for SMEDAN loan with the specifications you want through this link: http://cip.smedan.gov.ng/loan/47
Pros & Cons
If you need any help from SMEDAN, you can reach the Help Centre through the SMEDAN Contact Page.
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Branches & Head Office
Head Office: 35, Port-Harcourt Crescent Area 11, Garki, FCT-Abuja, Nigeria.