The SMEDAN loan is part of a government initiative to reduce poverty and help small businesses grow into larger, more sustainable enterprises. The Bank of Agriculture (BOA) and SMEDAN have partnered to offer the Matching Fund Program, aimed at micro and small enterprises (MSEs). Here’s how you can apply, along with the necessary requirements.
Loan Amounts and Benefits:
Eligible businesses can receive loans ranging from N1.2 million to N5 million on favorable terms. The Matching Fund initiative, currently active, is designed to provide credit to businesses in the real sector, with the objectives of improving productivity, increasing competitiveness, and generating jobs.
The Bank of Agriculture (BOA) is responsible for disbursing the funds, and the program is targeted at labor-intensive micro or small businesses that produce innovative, value-added products. If your business is expanding and needs more capital to boost output, this loan could be the right fit.
Who is Eligible:
To qualify for the BOA-SMEDAN Matching Fund Program, applicants must:
- Be registered with SMEDAN and have a Unique Identification Number.
- Operate within the real sector and produce value-added goods.
- Be based in one of these locations: Abuja, Oyo, or Kaduna.
- Be innovative and productive, with an established business.
Requirements:
To apply, you must have the following:
- SMEDAN Unique Identification Number
- CAC registration number
- Tax Identification Number (TIN)
- NAFDAC registration number (for businesses involved in packaged food products)
How to Apply:
- Register your business with SMEDAN if you haven’t done so yet by visiting the official portal at https://smedan.gov.ng.
- Click on the program name and logo.
- Fill in the required information to complete your application.
Note that registration for the SMEDAN loan is free and currently open. This is an excellent chance to get your business listed before proceeding to apply for the BOA-SMEDAN Matching Fund Loan.
The loan amounts range from N1.2 million to N5 million, and interested businesses are encouraged to register with SMEDAN and apply before the opportunity ends.
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