SMEDAN ₦1.5m Loan Begins – Application Portal Re-Opened: Apply Now

Finally, the goal of this portal for each applicant is to obtain SMEDAN ₦1,500,000 Fund with low or zero interest rates. Now, as you read on, we’ll show you how to apply for the Federal Government’s ₦1.5 million SMEDAN Grants for 2022/2023.

Without further delay, let’s get started:-

1. ₦410,000 Business Grant From Shell Nigeria to 117 Young Entrepreneurs

2. CBN disburses ₦948 billion to 4, 478, 381 Farmers – Check if you are among the beneficiaries Now!

3. Federal Government Begins SMEDAN ₦1.5m Loan Disbursement – Get Access!

4. ₦800m Agric Loan – Farmers to Benefit – See the Amount you can Get Now! – Apply!

5. MSME loan: 330,128 to benefit CBN N159.2B Disbursement – Apply Now

Henceforth, Dr.Dikko Radda, the director-general of SMEDAN, who dropped the hint yesterday, stated that the collaboration is defined to fully implement the plan for the benefit of Nigerians. The initiative, which has already begun, aims to increase the capacity of micro and small enterprises (MSEs) across the country.

Because the program’s intended beneficiaries will be labor-intensive SMEs in the real economy.  These will be creative value-added products that are seeking to establish footprints in the Nigerian market and require extra funds to increase outputs.

• How Can I (Or My Company) Access The Loan?

Prospective borrowers should approach Participating Financial Institutions (PFIs) of their choice and apply for the Fund.

• What categories of entrepreneurs can apply for the Loan?

(a) Micro entrepreneurs (i. e. borrowers seeking loans of less than N500,000) are to approach any of the four institutions:
* Microfinance Banks          * NGO/Microfinance Institutions
* Financial Cooperatives    * Finance Companies

(b) Small and Medium Enterprises (SMEs) (i.e. prospective borrowers seeking between N500, 000 and N50million loan) are to approach any of these institutions:

• Deposit Money Banks
• Bank of Industry (BOI)
• Bank of Agriculture)

OR 

Apply Online For :  ₦2,5m NIRSAL  Non-Interest Loans

 

• Who are the Participating Financial Institutions?

The PFIs under the Fund are as follows:
Micro loan borrowers (N500,000 to N5,000,000) would approach:

• Microfinance Banks
• NGO-Microfinance Institutions
• Finance Companies
• Financial Cooperatives

SME loan borrowers (N5,000,000 to N50,000,000 loan) would approach:

Deposit Money Banks and Development Finance Institutions (Bank of Agric and Bank of Industry)

• What are the activities that can be financed under the loan?
• • Agricultural value chain activities,
  • Manufacturing & Cottage Industries,
  • Artisans,
  •  Services,
  • Trade and general commerce,
  • Renewable energy or energy efficient products and technologies, and
  • Any other income generating projects as may be prescribed by the CBN.

YOU CAN ALSO

Apply Online For: ₦800m Agric Loan Application– Farmers to Benefit

 

Further Information MSME Loan Application:

• Prospective borrowers shall provide the requisite documents including collateral for SME loans;
• PFIs will appraise loan applications, approve and forward loan requests of borrowers to the CBN for the release of funds;
• MSMEDF will only release funds to borrowers through the PFIs;
• The account of benefitting  borrower’s shall be credited by the PFIs within 5 working days upon the release of Funds by MSMEDF to the PFI;
• Loans shall be granted at an interest rate of 9.0% per annum (all charges inclusive) irrespective of the type of eligible activity financed;
• Borrowers shall be expected to payback all loans as and when due inclusive of any accrued interest to the PFI; and
• The MSMEDF/CBN will recycle all fully repaid loans transferred to it by the PFIs.

However, before proceeding with your application, please read the eligibility criteria for this application carefully.

Selection Criteria:

• Applicants under the scheme will be graduates of Nigeria Polytechnics and Universities:
• BSc/HND/ or it is equivalent);
• National Youth Service Certificate (NYSC) discharge or exemption certificate;
• Not more than 10 years post-NYSC

Application Requirements:

• A registered business name
• Your Business Registration Number ( RC or BN)
• State in which the business operates
• Type of Business
• Age of Business(Number of years of operation)
• Phone Number and your government name

Method of Application

Apply Here