SMEDAN loans gives you access to borrow money online, up to N5million with low interest rate, with a maximum repayment tenure of 4 months with no collateral.
Here’s everything you need to know about SMEDAN Cbn Loan, how it works and how you can easily apply and borrow funds to finance and start a business.
About SMEDAN Loan
SMEDAN which stand for – small and medium enterprises development agency of Nigeria. is a government-backed initiative that offers quick loans to Nigerian Small and Medium Enterprise (SME) businesses in need of funds.
Since it’s inception in 2003, the core mission of SMEDAN is to promote entrepreneurship spirit among Nigerians and also provide fund’s to start the business in Nigeria and other African countries just like the Lapo SME Loan.
Aside funding, they also provide business owners with free training and support for smooth running of their business. This move was initiated by the need to make credit products easily accessible to entrepreneurs and investor’s.
Please note, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) does not necessarily provide the loan on it’s own.
While they occasionally disburse loans themselves, they only act as the link between Micro, Small and Medium Enterprise (MSMEs) and loan provider’s.
SMEDAN loan providers are financial institutions near you. Some may include government-funded agencies, micro-finance bank, commercial Banks, industry and MSMEs funds provided by the central bank of Nigeria (CBN). SMEDAN works with them and provide loans through the credit information smedan loan application portal (CIP).
SMEDAN Loan Application And How it Works
SMEDAN being one of the best SME loan provider that’s hassle and stress free works in the following ways:
• Visit SMEDAN information portal.
• Select the loan type by choosing the loan that best suits your need.
• Fill in your profile and provide basic information on your loan needs.
• SMEDAN will engage in a loan search based on the provided information.
• Receive information on the choosen loan provider and know your requirements
• Apply for loan
• Loan disbursement take place within 24 hours directly to your bank account.
Here are some certain documents and information needed before your loan application with smedan will be approved:
1. You must provide any valid means of identification.
2. Bank statement of account for the past 6 months.
3. Audited financial statements.
4. Bank account.
5. You must not be less than 20 years or above 60 year’s.
Note: SMEDAN do not provide loans directly, but act as a link between MSMEs and loan providers. So loan requirements may vary depending on your smedan loan application amount.
Best SMEDAN Loan Packages In Nigeria
SMEDAN offers different types of loans that suits your needs, such as:
SMEDAN Personal Loan
Personal loan is a loan needed to take care of wanted or unwanted personal issues such as, to help finance your business, unwanted medical issues, plan for a vacation, weeding and so on.
Personal loans on SMEDAN are provided by financial institutions near you within 24hrs of loan application in Nigeria. Some may include government funded agencies aimed at improving economy and acquiring power.
SMEDAN Business Loan
A business loan is a loan needed to start-up a business or to help finance/ booster your business and SMEDAN is a platform suitable for you. You can apply now and get up to N2million with no collateral and repay at your convenience with a minimum repayment tenure of 30days.
Business loans on SMEDAN are provided by financial institutions including microfinance banks close to you, commercial banks, industry and MSME funds provided by the central bank of Nigeria.
These are other credit facility that offers business / SME loans in Nigeria eg:
SMEDAN loans are currently available in few selected states in Nigeria such as: Abuja, Lagos and Kaduna. Although, loan applicants from other states in Nigeria can also apply under the “all states” menu. Select it and if your State is approved you can proceed with the loan application.