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How to Apply for SMEDAN Loan Facility in Nigeria

AbdulkarimOctober 15, 2023

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How to Apply for SMEDAN Loan Facility in Nigeria

How to Apply for SMEDAN Loan Facility in Nigeria – 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:

Personal
Business
Mortgage
Credit

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.

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.