smedan loan registration

SMEDAN loan registration: How to get a SMEDAN loan in Nigeria

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The creation of the Small and Medium Enterprises Development Agency of Nigeria in 2003 came with a whole lot of packages that helped enhance the progress and growth of young, old, and growing businesses across every region of the country, Nigeria—small and medium enterprises, precisely.

Prior to that, several businesses lacked the support and encouragement needed to thrive. The agency is here to fill in the loopholes. With two decades of operation, SMEDAN has been a beacon of light for various enterprises that are having a hard time standing on their feet due to a lot of factors. One major factor that makes a lot of businesses find it difficult to make progress is the inability to access funds. It has killed a whole lot of them.

Does SMEDAN have any schemes that have to do with loans? Yes. The Nigerian government seems to be overly concerned about the growth of businesses in the country, especially small and medium enterprises. They are giving enough to grow at their own pace thanks to the different programs initiated that run in their favor—small and medium enterprises. In line with this, funding is one central mandate SMEDAN is solidly standing on. Making sure that businesses get access to easy loans makes the small and medium enterprises of Nigeria central to the growth of the Nigerian economy.

What I need to know about the loan

Giving small and medium enterprises egg-like treatment is what SMEDAN takes to heart. Don’t rush it. One simple thing you need to understand is that SMEDAN does not give loans directly to businesses; it is more like a link through which different businesses access loans from prospective lenders. It is one laudable avenue on which several business owners thread. The Small and Medium Enterprises Development Agency of Nigeria also includes training and development of like-minded people in business.

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How do I qualify for these loans?

Regardless of the scale of business you run, whether micro, small, or medium enterprise, you are eligible to apply for and access these loans as long as your business is registered. Do not get it wrong. Unregistered businesses can also access these funds. But you need to understand that applying as a registered venture gives you leverage over an unregistered one.

It also makes your business stand out as a legit venture. Aside from the whole SMEDAN program and initiative, getting your business registered makes your business enjoy the benefit of doubt from customers, for no one wants to risk his or her hard-earned capital with unidentified ventures.

It will interest you to know that when you register your business with the Corporate Affairs Commission, you will need to register your business with the National Agency for Food Drug Administration and Control (NAFDAC) and the Standard Organization of Nigeria (SON). This fact is only applicable to a certain industry.

Ways to access these loans

Applying for loans through the platform of the Small and Medium Enterprises Agency of Nigeria has two dimensions. One is going through their training programs. You are exposed to certain knowledge you need to digest to improve your efficiency in the business world.

And after going through the training process, you are given the opportunity to access loans that have a very low interest rate. And most of the time, these loans demand no collateral. You can begin the whole process by going to the SMEDAN office closest to you. You will be given a form to fill out. You can get more enlightenment on what to expect at the office.

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And you can also apply by making use of the Small and Medium Enterprises Agency of Nigeria’s credit information portal. This should be done before making an attempt to apply for a loan from a commercial bank. When you get to the portal, you get to know interesting facts about loans and potential lenders. Facts such as the duration of the loan, the maximum amount of loan you can access, and most importantly, the interest rate, which is the benchmark and what triggers the interest of business owners,.

In Conclusion

Getting access to soft loans is a serious challenge that business owners are battling with on a daily basis. Their lack of access to easy and shylockless loans is the reason behind the winding up of several businesses in the country, as several loan platforms and establishments are poor in the way they disburse and recover loans given to businesses.

At the end of the loan payment, business owners are left with crumbs. This is so sadistic. SMEDAN being in the picture is a nice, well-thought-out initiative that deserves a standing ovation. With its programs that aim to change and enhance the growth of MSMEs, the Small and Medium Enterprises Agency of Nigeria sits comfortably at the center of commerce.

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