SMEDAN Loan: CAC, TIN Now Mandatory for Nigerian Businesses

SMEDAN Loan: CAC, TIN Now Mandatory for Nigerian Businesses. SMEDAN updates loan process: CAC certificate and TIN are now mandatory for Nigerian businesses seeking funding.

Apply for a SMEDAN loan to grow your Nigerian business. The new app ensures fair access and requires CAC/TIN.

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The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has updated its requirements for a N5bn credit facility dedicated to small businesses. Applicants will now need to provide their Corporate Affairs Commission (CAC) certificate and Tax Identification Number (TIN) to be eligible for the loan.

SMEDAN’s Head of Corporate Affairs, Moshood Lawal, explained the decision emphasizes transparency and ensures funds reach genuine businesses. The agency developed a software application to streamline applications and reduce potential bias.

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Background on the SMEDAN Loan program

SMEDAN partnered with Sterling Bank to provide loans from N250,000 to N2,500,000 at a 9% interest rate, aiding the growth of over 10,000 SMEs. SMEDAN DG, Charles Odii, believes the loans will stimulate the economy, create jobs, and boost trade.

Why the changes?

• Transparency: The app and mandatory documents aim to fight favouritism and corruption.
• Focus on Legitimate Businesses: The CAC certificate requirement helps weed out fraudulent applicants.

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How to apply for SMEDAN Loan.

1. Go to the SMEDAN Loan portal https://smedan.gov.ng/cip/
2. Download the SMEDAN loan application.
3. Provide your business plan and other details.
4. Upload your CAC certificate and TIN.
5. If you qualify, you’ll receive a prompt response.

Important Notes

• Previous applicants must re-apply using the updated process.
• The agency will ask detailed questions about your business and how you will utilize the loan

SMEDAN and financial experts hope that better access to finance will help small businesses thrive, driving economic growth and creating jobs in Nigeria.