Guide to Applying for SMEDAN Loan Facility – The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has introduced a credit information portal (CIP). This portal offers a repository of information that aids entrepreneurs in making informed decisions when seeking loans and credit from financial institutions within their locality.
The credit information portal functions as a database of information concerning various finance providers and their terms and conditions for obtaining financial assistance. The website provides access to four main types of loans: Personal, Business, Mortgage, and Credit.
SMEDAN Loan Categories
The SMEDAN CIP website offers access to the following types of loans:
SMEDAN Loan Application Process Stages
Whichever loan category you choose, you will undergo a four-stage process before gaining access to the relevant information. The first stage involves selecting your preferred loan type (Personal, Business, Mortgage, or Credit), which leads to the second stage where you complete a brief form to search for the desired loan from stage one. In the third stage, you’ll see a list of loans that match your search criteria, and the final stage enables you to view the contact details of your desired loan.
Key Information and Requirements
SMEDAN advises business owners to request specific information from each financial institution, as requirements may differ. However, the typical documents requested include the business’s certificate of incorporation, audited financial statements, and bank account statements. YOU MAY ALSO LIKE: Comprehensive list of FGN interest-free loans and grants.
Locating Financial Institutions: The service is currently in its pilot phase and is limited to Kaduna, Lagos, and Abuja. The initiative will be expanded to other parts of the country after the initial phase.
How to Apply for SMEDAN Loan Facility
Interested loan applicants can visit https://cip.smedan.gov.ng to access details and begin the application process.