BOA SMEDAN Fund News 2020: Smedan Matching Fund Programme Application Portal for Nigeria small business owners is now open. Applicants may apply for loans within the range of N1.2 million to N5 million on business–friendly terms.
No collateral –
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How to Apply for BOA -SMEDAN Fund for Small Businesses (N5 Million)
Nigeria’s Small and Medium Enterprise Development Agency is currently accepting applications from small businesses across the country as part of its SMEDAN Fund N5 million co-funding program.
Requirements:
Basic Information
1) Does your enterprise currently employ ≤ 50 employees?
2) Is your enterprise operating within FCT, Oyo or Kaduna State?
3) Is your enterprise operating within the Food-processing or Agro-processing industry?
4) Has your enterprise been in operation since 2018?
5) Is your enterprise wholly Nigerian owned?
6) Can your enterprise employ at least 2 people from the loan requested?
7) Does your enterprise or major promoter(s) have any credit history?
Regulatory Compliance
1) Does your enterprise have a SMEDAN Unique Identification Number? (Please note that registrations are still on-going and you may register to receive your ID Number) READ: How to Obtain SMEDAN Unique Identification Number (SIUN)
2) Does the enterprise have a CAC registration number?
3) Does the enterprise have a Tax Identification Number (TIN)? READ: How to Check for your Individual TIN (Tax Identification Number) Online
4) Does the enterprise have a NAFDAC registration number for its products? (for packaged food products only)
5) Is/are there any audited financial statements?
Product Demand/Marketing
1) Does the enterprise have a marketing plan?
2) Does your enterprise source at least 65% of its raw materials locally?
3) Have you had up to 35% of your product stock unsold in the last two years?
How to Apply
Before you start your application, ensure that your business is registered with SMEDAN. Go to the MSME mass registration portal to register.
Here’s how to apply for the N5 million SMEDAN fund:
1. Apply only through the BOA-SMEDAN Fund Application Portal
log on to the BOA-SMEDAN fund portal. All sections are required. Scroll down to continue.
2. Enter Personal Details
Simply fill in your first name and last name. Then enter your business email address. Do not use your personal email.
3. Supply Basic Information
At this stage, you are to provide answers to each of the seven listed questions. The questions range from the number of employees at your organisation and business location to recruitment capacity post-loan and credit history. Tap on “Yes” or “No” to answer.
4. Answer Regulatory Compliance Questions
Here, you are to answer questions showing whether you fulfil the eligibility criteria for the fund. In all, there are five (5) questions including those on the status of your SMEDAN registration, CAC registration and financial statements.
If your business is into food production/packaging, you should have a NAFDAC registration number for your products.
5. Complete Product Evaluation and Submit
This is the last stage of your application. Answer the questions based on the figures from your business operations.
Link to Apply for BOA Smedan Fund
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