How to Apply for SMEDAN Loan Facility in Nigeria

November 1, 2023

SMEDAN Introduces Credit Information Portal to Aid Entrepreneur’s Loan Applications

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has recently launched a credit information portal (CIP) to assist entrepreneurs in making informed decisions when applying for loans and credit from financial institutions within their locality.

Understanding the SMEDAN Loan Categories

The SMEDAN CIP website provides access to four main types of loans: Personal, Business, Mortgage, and Credit. This portal serves as a database of information about various finance providers and their terms and conditions for obtaining financial assistance.

SMEDAN Loan Application Process Stages

Whichever loan category you choose, there is a four-stage process to follow before gaining access to the relevant information. The first stage involves selecting your preferred loan type, followed by completing a brief form to search for the desired loan. In the third stage, you’ll receive a list of loans that match your search criteria, and finally, you will be able to view the contact details of your desired loan.

Key Information and Requirements

While requirements may vary, SMEDAN advises business owners to request specific information from each financial institution. Typical documents requested include the business’s certificate of incorporation, audited financial statements, and bank account statements. Currently, the credit information portal is being piloted in Kaduna, Lagos, and Abuja, with plans to expand to other parts of the country in the future.