November 29, 2021
Bank of Agriculture (BOA) SMEDAN

Bank of Agriculture (BOA) SMEDAN Matching Fund Programme (MSEs Loan)

Bank of Agriculture (BOA) SMEDAN Matching Fund Programme (MSEs Loan) – If you are seeing this article, it means you want to apply for the SMEDAN loan and you are looking for guidelines on how you can go about your registration. Well, you saw this article just in time as we are going to be telling you all you need to know about the SMEDAN matching fund Programme for businesses and enterprises. The program was initiated in 2020.

If you own a Small and Medium Scale Business, your business is eligible to participate in the loan project sponsored by the SMEDAN and Bank of Agriculture where you can access loan up to 5million Naira to help boost and expand your business.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Bank of Agriculture (BOA) have jointly initiated an intervention matching fund programme to help it reach out and assist Micro and Small Scale Enterprises (MSEs) across the country.

So in this article, we will be showing you all you need to know about BOA-SMEDAN Matching Fund Programme (MSEs Loan).

Table of content

  • The BOA-SMEDAN matching fund programme (MSEs Loan)
  • Eligibility criteria
  • How to apply for the BOA-SMEDAN Matching Fund Programme (MSEs Loan)
  • The SMEDAN Loan Registration Portal

Let’s proceed…

The BOA-SMEDAN Matching Fund Programme (MSEs Loan)

This loan is a collateral free loan that is between N1.2million to N5million that is made available to eligible applicants who qualify for the loan.

The loans are financed from the SMEDAN-BOA Matching Fund for small businesses and that the Bank of Agriculture is in charge of paying out the loan. The Matching fund programme is aimed at providing small businesses with financial support to increase and improve their production output and scale of operation.

Eligibility Criteria

The programme is for Nigerian Micro and Small Enterprises that are operating in Oyo, Kaduna or the Federal Capital Territory (FCT) and business applying for the fund must be registered with the SMEDAN and must have been given a SMEDAN Unique Identification Number (SUIN).

Also, your business must be registered with the Corporate Affairs Commission (CAC) and should also possess a Tax Identification Number.

How to apply for the BOA-SMEDAN Matching Fund Programme (MSEs Loan)

It is important that you register with the agency before you go on with your application and you should also check if you are eligible for the loan as we have mentioned the states and businesses that are eligible to apply for the loan.

You can then go to the MSME mass registration portal to register. We promised not to leave the registration and application process to you alone and so we will be showing you what to do in order to apply successfully for the loan.

Let’s look at how to apply for the loan:

  1. Apply through the BOA-SMEDAN fund portal: you will have to log on to the BOA-SMEDAN fund portal.
  2. Enter your personal details like your names and also your business email address. Do not fill in your personal email address.
  3. Supply basic information as you will be asked seven questions ranging from questions about the number of employees in your organization to credit history.
  4. Answer regulatory compliance questions as this will show that you are eligible for the fund. It asks about your SMEDAN registration, CAC registration and some others.
  5. Complete the Product Evaluation and Submit

The SMEDAN Loan Registration Portal

The SMEDAN loan registration portal is www.smedan.gov.ng and so interested applicants should visit the portal and provide the necessary information to enable them access the loans.