How to get a loan from smedan
SMEDAN stands for small and medium enterprises development agency of Nigeria, it is an institution owned by the Nigerian government, and it came about through the realization of the importance of small, medium and micro businesses in boosting the economy of the country.
The aim and purpose of smedan is to help small, medium and micro businesses grow through mentoring, training and access to loans. SMEDAN also organizes programs geared towards helping the medium, small and micro enterprises (MSMEs).
To summarize the goal of SMEDAN
- Creating policies that favor SMEs and aids their development.
- Monitoring & regulating the activities and development of MSMEs in the nation.
- Aiding MSMEs by creating programs and development opportunities.
In this blog-post am going to show you all you need to know about SMEDAN and most importantly, how to get a loan from smedan (smedan loan).
Smedan is a government institution that aims at improving the MSMEs to further boost the economy.
Smedan acts as a middleman, i.e they don’t give out loans themselves (they sometimes do), but they create a pool of loans from other organizations that these small businesses can get.
With smedan you can access loans from banks, microfinance, cooperate societies, central bank of Nigeria and bank of agriculture etc. These are loans that ordinary you will not have access to.
How to get a loan from smedan
Say you are an individual who needs a loan to complete an undertaking, a business who needs money to scale its business or maybe you need money to acquire a property like a car, house etc.
Smedan can grant you such loans, to apply for a smedan loan, do the following:
Visit the smedan information portal
To apply for a loan on smedan, you need to visit the smedan information portal with your smartphone, tablet or desktop to begin the process.
Select your loan type
You need to click on access loans at on the top right hand menu, from there, you can select the type of loan you want.
The loan can be any one of the four types of loan available on smedan, which are personal, business, mortgage or credit loan (more on these loan types later).
Provide all the necessary information
Smedan will require you to provide some information, so it can find the right loans available to you. The information you will need to provide are some of the following:
- Purpose of the loan
- Your age
- Employment status
- The amount of money you need
After doing the above, you need to click on “check availability”, from there you will see the list of loans available to you. These loans you see will be based on the information you provided.
Apply for loan
You should see the requirement for all the loans shown to you and their interest rates. Click on VIEW DETAILS to apply for the one you like, then click GET STARTED.
That’s all you need to do, cool right?
Types of smedan loan
There are four types of loans you can apply for on smedan, they are:
- Personal loan
- Business loan
- Mortgage loan
- Credit card loan
If you maybe have a dream idea that you think will be worth a lot of money later, but you don’t have the money to execute the idea.
You can get a loan from smedan with a very good interest rate to fund that idea.
Say you need money to fund a new business or to scale your business to the next level, you can apply for a loan on smedan and if you meet the requirement, you will be granted the loan.
This loan type is for when you want to acquire a property like a car or a house, you can apply for a smedan loan and get a good interest rate. (More on smedan interest rate later).
Credit card loan
This loan type is for people access quick money, especially during emergencies. So next time you find yourself in dire need of quick money, you can apply for a loan on smedan (as long as you can pay back).
Requirements for getting a loan on smedan
There are no exact requirements in this case. Since smedan is not giving you the loan directly, but is acting as a middleman through which you get loans, the requirements usually differ with each loan type.
Smedan although place emphasis on only giving out loans with little or no collateral, so you can be sure to get favorable loans.
Also the age range is between 18 – 60 years.
Smedan interest rates
There are no exact rates for the loans, it differs with loan. Smedan places emphasis on loans with good interest rates.
The range you should be expecting should be between 0%-35%.
Smedan available locations
The locations with which you can access smedan loans are Lagos, Abuja and Kaduna.
Smedan contact information
If you want to get in touch with smedan, you can do so through the following:
Address: No 35 Port-harcourt crescent, area 11, off Gambiya street, Garki, Abuja.
Email address: Info@smedan.gov.ng
Hopefully with this post, you now know all you will need to know about smedan and how to apply for a loan.
If you are confused and you have questions, you can leave them below and I will tend to them as soon as possible.
Also, don’t forget to share with your friends who might need this and subscribe to this blog, so you can be getting posts like this straight to your email.
Thank you for reading.
Read my post on how to get a loan from wema bank