FAQs
1: What can SMEDAN do for us?
(a) It provides information on raw materials, machinery, equipment, market and the activities of agencies of governments such as SON, NAFDAC, CAC, FIRS. Information is available from SMEDAN's head office, Business Support Centre (BSC's) and from this website
(b) It provides Training and capacity building in areas such as book keeping and accounts management, preparation of business plans, quality control, computer (or IT) appreciation
(c) Access to Finance
(d) Access to improved work space (through industrial parks)
(e) Mentoring
(f) Advisory services
(g) Facilitation of linkages and / or cooperation with other enterprises for improved production
2: How do I generate a business idea?
Every business enterprise starts as an idea which is then translated into a product or service that a customer need or prepared to pay for:
Business ideas can be generated through reading of books, newspapers/journals, interactions with friends and family members, your hobbies; your academic training, happenings in your immediate environment or gaps created by existing products. SMEDAN also offers you assistance in business idea generation and evaluation.
3. How do I develop/Write business plan proposal?
There are many Business Development Service Providers (BDSPs) that can help. SMEDAN can assist you to identify some of them. Furthermore, SMEDAN, through her Head office and the Business Support Centres, would provide model business plans to start the process.
4. How do I get information on Human Resources/Personnel?
Through friends, referrals and employment agencies. Also through SMEDAN Business Support Centre. Employ only somebody you can fire if need be.
5. Where do I get market information for my product?
(i) From Business Investment profiles developed by SMEDAN
(ii) At SMEDAN Business Clinic operating at our Headquarters in Abuja
(iii) At all the Business Support Centres across the states
(iv) At the Business Information Centres
6. Can SMEDAN assist in the drafting of standard Business Profile/plan or feasible Study?
Yes. Ask from the Agency's head office or any of the Business Support Centres in the states.
7. What are the conditions for obtaining SMEDAN loans?
SMEDAN does not give loans, but can facilitate the access of MSMEs to loans from her partnering financial institutions and from other specialized micro finance schemes. However, in discharging this facilitation, SMEDAN also ensures that MSMEs, meet the conditions specified in question 9.
8. What do I do to get a loan from the bank?
(i) Clients must have an account with the bank.
(ii) There must be an application for loan indicating how much is required and the purpose
(iii) Applicant must include the following documents:
-Business Plan/Feasibility Study
-Company Information
-Financial Data
(iv) Owners invest at least 25% of total project cost, excluding land
9. How long does it take SMEDAN to appraise the project proposal of MSMEs and send them to the financing partners?
SMEDAN's evaluation of projects takes less than a week if all the appropriate details are included. After our evaluation, the project is passed on to the development finance institution or Commercial Bank who may also carry out further evaluation before funding the project.
10. Apart from commercial banks, what are the other sources of financing available to MSMEs?
(i) Personal Savings
(ii) Loans form friends/partners and relatives including savings club (Esusu) etc.
(iii) Co-operative societies / Credit Union or through SMEDAN facilitation to facilities
(iv) Community Banks
(v) Specialized micro finance schemes (e.g. NAPEP's Multi-partner Micro Finance Scheme)
(vi) Government Development finance institutions such as Bank of Industry (BOI) and the Nigeria Agricultural, Co-operative and Rural Development Bank (NACRBD)
11. How does one register one's company?
Registration of Companies in Nigeria is the sole responsibility of the Corporate Affairs Commission (CAC). However, SMEDAN facilitates SMES registration with CAC as part of her corporate responsibilities. Furthermore, SMEDAN facilitates the registration of MSMEs with the Standard Organization of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC)
12: What is SMEDAN's relationship with Standard Organization of Nigeria (SON), NAFDAC, Export Promotions Council and other Regulatory Agencies?
SMEDAN is in partnership with all the above named Regulatory bodies for the benefit of MSMEs. SMEDAN provides the MSMEs all the needed information to enable them fulfil the requirements of the regulatory Agecies and also helps in packaging the MSMEs where necessary.
13: How can I obtain information about the entrepreneurs interested inthe same line of business or join a group?
(i) By registering with a Business Membership Organization
(ii) By discussing with SMEDAN, either at her Head office or at any of the BSCs
(iii) One of SMEDAN's major programmes is to promote enterprise co-operation (in form of clusters) and linkages (especially with large enterprises).
(a) It provides information on raw materials, machinery, equipment, market and the activities of agencies of governments such as SON, NAFDAC, CAC, FIRS. Information is available from SMEDAN's head office, Business Support Centre (BSC's) and from this website
(b) It provides Training and capacity building in areas such as book keeping and accounts management, preparation of business plans, quality control, computer (or IT) appreciation
(c) Access to Finance
(d) Access to improved work space (through industrial parks)
(e) Mentoring
(f) Advisory services
(g) Facilitation of linkages and / or cooperation with other enterprises for improved production
2: How do I generate a business idea?
Every business enterprise starts as an idea which is then translated into a product or service that a customer need or prepared to pay for:
Business ideas can be generated through reading of books, newspapers/journals, interactions with friends and family members, your hobbies; your academic training, happenings in your immediate environment or gaps created by existing products. SMEDAN also offers you assistance in business idea generation and evaluation.
3. How do I develop/Write business plan proposal?
There are many Business Development Service Providers (BDSPs) that can help. SMEDAN can assist you to identify some of them. Furthermore, SMEDAN, through her Head office and the Business Support Centres, would provide model business plans to start the process.
4. How do I get information on Human Resources/Personnel?
Through friends, referrals and employment agencies. Also through SMEDAN Business Support Centre. Employ only somebody you can fire if need be.
5. Where do I get market information for my product?
(i) From Business Investment profiles developed by SMEDAN
(ii) At SMEDAN Business Clinic operating at our Headquarters in Abuja
(iii) At all the Business Support Centres across the states
(iv) At the Business Information Centres
6. Can SMEDAN assist in the drafting of standard Business Profile/plan or feasible Study?
Yes. Ask from the Agency's head office or any of the Business Support Centres in the states.
7. What are the conditions for obtaining SMEDAN loans?
SMEDAN does not give loans, but can facilitate the access of MSMEs to loans from her partnering financial institutions and from other specialized micro finance schemes. However, in discharging this facilitation, SMEDAN also ensures that MSMEs, meet the conditions specified in question 9.
8. What do I do to get a loan from the bank?
(i) Clients must have an account with the bank.
(ii) There must be an application for loan indicating how much is required and the purpose
(iii) Applicant must include the following documents:
-Business Plan/Feasibility Study
-Company Information
-Financial Data
(iv) Owners invest at least 25% of total project cost, excluding land
9. How long does it take SMEDAN to appraise the project proposal of MSMEs and send them to the financing partners?
SMEDAN's evaluation of projects takes less than a week if all the appropriate details are included. After our evaluation, the project is passed on to the development finance institution or Commercial Bank who may also carry out further evaluation before funding the project.
10. Apart from commercial banks, what are the other sources of financing available to MSMEs?
(i) Personal Savings
(ii) Loans form friends/partners and relatives including savings club (Esusu) etc.
(iii) Co-operative societies / Credit Union or through SMEDAN facilitation to facilities
(iv) Community Banks
(v) Specialized micro finance schemes (e.g. NAPEP's Multi-partner Micro Finance Scheme)
(vi) Government Development finance institutions such as Bank of Industry (BOI) and the Nigeria Agricultural, Co-operative and Rural Development Bank (NACRBD)
11. How does one register one's company?
Registration of Companies in Nigeria is the sole responsibility of the Corporate Affairs Commission (CAC). However, SMEDAN facilitates SMES registration with CAC as part of her corporate responsibilities. Furthermore, SMEDAN facilitates the registration of MSMEs with the Standard Organization of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC)
12: What is SMEDAN's relationship with Standard Organization of Nigeria (SON), NAFDAC, Export Promotions Council and other Regulatory Agencies?
SMEDAN is in partnership with all the above named Regulatory bodies for the benefit of MSMEs. SMEDAN provides the MSMEs all the needed information to enable them fulfil the requirements of the regulatory Agecies and also helps in packaging the MSMEs where necessary.
13: How can I obtain information about the entrepreneurs interested inthe same line of business or join a group?
(i) By registering with a Business Membership Organization
(ii) By discussing with SMEDAN, either at her Head office or at any of the BSCs
(iii) One of SMEDAN's major programmes is to promote enterprise co-operation (in form of clusters) and linkages (especially with large enterprises).
