The SMEDAN Loan Portal invites applications for the SMEDAN BOA Matching Fund Loan, aimed at supporting the Nigerian government’s poverty alleviation and small business expansion initiatives
This loan is designed to help the Nigerian government combat poverty and elevate small businesses to standard enterprises
Get information on the Matching Fund Program (MSEs Loan) application form, requirements, and the application process for the SMEDAN BOA Matching Fund Loan
Apply now for the BOA-SMEDAN Comprehensive Small Business (MSE) Program, but remember, you need a SMEDAN Unique Identification Number. Sign up with SMEDAN to obtain your Unique Number and proceed with your loan application
Loan Amount:
N1.2 million
N5 million mainly on business-friendly terms
SMEDAN Loan Benefit:
The Matching Fund Program helps small businesses in Nigeria grow. It gives money to small businesses, helping them produce more, be more competitive, and create jobs, which is good for Nigeria’s economy.
The Bank of Agriculture Ltd is in charge of giving out this money. The main focus is on small businesses that make unique products and are popular in Nigeria. These businesses need more money to grow.
The benefits of this program include:
- Getting loans easily and at a good rate
- Helping businesses grow and create more jobs
- Making businesses more competitive
- Encouraging businesses to make new and improved products
To be eligible, a business must be officially registered and have a clear plan for what they want to do. They need to apply by explaining their business goals, financial needs, and how they will make an impact.
This program is important because it helps small businesses in Nigeria reach their full potential, which helps the country’s economy grow. It offers financial support and encourages innovation
NOTE:
To qualify for the free ongoing MSEs Business Loan, register now by clicking here
Requirement
- SMEDAN Unique Identification Number: This is a unique identification number provided by the Small and Medium Enterprises Development Agency of NigeriaIt is used to identify and track registered businesses in Nigeria. To obtain your Unique Identification Number, you need to register your business with SMEDAN.
- CAC Registration Number: The Corporate Affairs Commission (CAC) registration number is a unique identifier for businesses in Nigeria. It signifies that your business is officially registered with the CAC, which is a legal requirement for operating a business in the country. To obtain your CAC registration number, you must complete the registration process with the CAC.
- Tax Identification Number (TIN): The Tax Identification Number (TIN) is a unique number issued by the Federal Inland Revenue Service (FIRS) in Nigeria. It is mandatory for businesses and individuals to have a TIN for tax purposes. You can apply for a TIN through the FIRS.
- NAFDAC Registration Number for Packaged Food Products: The National Agency for Food and Drug Administration and Control (NAFDAC) registration number is required specifically for businesses that produce and package food products in Nigeria. It ensures that your food products meet the necessary regulatory standards for safety and quality. To obtain a NAFDAC registration number for your packaged food products, you must go through the registration process with NAFDAC.
Applying for the SMEDAN Loan Program
To apply for the Loan Program, follow these simple steps:
- Visit the SMEDAN registration portal: Navigate to the official SMEDAN website at https://smedan.gov.ng.
- Locate the program icon: Identify the icon representing the BOA-SMEDAN Loan Program. This icon typically features the program name and logo.
- Complete the registration form: Carefully fill out all required details on the registration form. Ensure the information provided is accurate and up-to-date.
Registration Benefits:
Free registration for the loan is currently open. Take advantage of this opportunity to register your business before applying for the BOA-SMEDAN loan program.
Loan Amount:
The loan amount ranges from one million two hundred thousand naira (N1,200,000) to five million naira (N5,000,000).
Eligibility Criteria for BOA-SMEDAN Matching Fund Program
To be eligible for the Matching Fund Program, applicants must meet the following criteria:
Innovative and Productive: The applicant’s business must be innovative and demonstrate the potential to contribute to economic growth and job creation.
Registered SMEDAN Member: The applicant’s business must be a registered member of the Small and Medium Enterprise Development Agency of Nigeria.
Established Business: The applicant’s business must already be established and operating in the relevant sector.
Location Restriction: The applicant’s business must be located within one of the specified states: Abuja, Oyo, or Kaduna.
Application Process
You can apply for the loan either as the only owner of your business or as part of a group. Just fill out the form to look for available loans nearby. Interested applicants can apply for the Matching Fund Program by following these steps:
To apply for the BOA-SMEDAN Matching Fund Loan, a collaborative financing initiative between the Bank of Agriculture (BOA) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), follow these steps:
- Eligibility Check: Ensure you meet the eligibility criteria for the Matching Fund Loan. This typically includes being a small or medium-sized enterprise (SME) within specified sectors and geographical locations as outlined by SMEDAN.
- SMEDAN Registration: If you haven’t done so already, register your business with SMEDAN to obtain a Unique Identification Number (UIN). This can be done through the official website www.smedan.gov.ng .
- Gather Necessary Documents: Prepare essential documents such as your business registration certificate, tax identification number, business plan, financial statements, and any other documents that may be required.
- Access the BOA-SMEDAN Portal: Visit the official BOA-SMEDAN Matching Fund Loan portal. This is typically accessible through the SMEDAN website www.smedan.gov.n.
- Complete the Application Form: Fill in the online application form with accurate and detailed information about your business, the purpose of the loan, and how you plan to repay it.
- Upload Required Documents: Along with your application, upload all the necessary documents that you have prepared. Ensure that these documents are clear and up-to-date.
- Submit Your Application: Review your application for accuracy, then submit it through the portal.
- Wait for Assessment: After submission, your application will undergo a review process. This may include a verification of documents and a possible visit to your business premises.
- Loan Approval: If your application is successful, you will receive a notification of approval and further instructions on the loan disbursement process.
- Loan Repayment: Ensure you adhere to the repayment plan as agreed. Timely repayment is crucial for maintaining a good credit history and for potential future financial assistance.
Remember, the specifics of the application process may vary, so it’s advisable to consult the SMEDAN and BOA websites for the most current information and detailed guidelines
Free Registration Opportunity:
Take advantage of the ongoing free registration for the SMEDAN loan program. Register your business before applying for the BOA-SMEDAN Matching Fund Program.