SME agency tightens credit facility process for small businesses

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The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has implemented a new selection process for beneficiaries of its N5 billion credit facility aimed at supporting small businesses in the country. Under the revised procedure, applicants are now required to submit their Corporate Affairs Commission (CAC) certificate and Tax Identification Number (TIN) as compulsory documents to qualify for the loan.

This announcement was made by Moshood Lawal, Head of Corporate Affairs, during an exclusive interview in Abuja. Providing an update four months later, a spokesperson revealed that a software application has been developed to streamline the selection process and reduce human intervention, ensuring credibility. The inclusion of CAC certificate and TIN aims to weed out fake applicants and ensure that the funds are allocated to deserving recipients.

Previously, over 200,000 small-scale businesses had expressed interest in accessing the credit facility, with successful applicants receiving notifications via email from the bank.The initiative by SMEDAN represents a concerted effort to enhance transparency and efficiency in disbursing financial support to small businesses across Nigeria.

Source: PUNCH

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