How To Register for SMEDAN Loan And Requirements
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), is a government agency that was created to promote and develop the MSME sector in the country. One of its responsibilities is to enable MSMEs to access funds and other critical resources. SMEDAN Loans Most MSMEs have a hard time accessing loans. A majority of these businesses are operating as informal entities and may not have a verifiable profile or business rating. Hence, lenders consider them high risk and do not have confidence in extending loans to them. As a result, these enterprises are unable to access affordable credits. The establishment of SMEDAN is intended to bridge these gaps. By making it easier for small businesses to access funds, in line with the federal government's ease of doing business. SMEDAN usually partners with multiple providers. Such as government and private organizations to provide appropriate loans to eligible MSMEs. They do not directly provide finances to businesses. But instea...