The Small and Medium Enterprise Development Authority of Nigeria (SMEDAN) has established a Credit Portal (CIP). This portal provides a repository of information to help entrepreneurs make informed decisions when seeking loans and credit from local financial institutions.
Eredit portal acts as there is no information about the different sponsors and how to get financial assistance. The site offers access to four main types of loans: personal, business, mortgage, and credit.
The SMEDAN CIP website offers access to the following types of loans:
- Personal
- Business
- Mortgage
- Credit
SMEDAN Loan Application Process Stages
No matter which loan category you choose, you will go through a 4-step process before accessing relevant information. The first step is to select your preferred type of loan (personal, business, mortgage or loan) and the second step is to fill out a simple form to search for the loan you want in the first step. In the third step, you will see a list of loans that match your search criteria, and in the last step you will be able to view the contact information of the 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’scertificate 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.
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.
