FAQ About Smartbiz Enterprise

SMEDAN stands for Small and Medium Enterprises Development Agency of Nigeria.

 And their core mission is to facilitate the access of micro, small and medium entrepreneurs and investors to all resources required for their development.

The partnership between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Corporate Affairs Commission (CAC) aims to simplify and fast-track business registration processes for micro, small and medium enterprises (MSMEs), a significant step towards the formalization of the nation’s largely informal economy.

While CAC known as Corporate Affairs Commission was formulated to regulate the formation and management of companies in Nigeria. It is endorsed with the power of creating legality out of small and medium businesses. The corporate affairs commission was established to be responsible for the registration and administration of companies.

While SMEDAN affords your business a unique identification number and a digital certificate. With a unique identification number, you can easily apply for loans and support funds both within and outside the country. It also grants you access to funding from the government and private sector. 

Differences between CAC and SMEDAN

What you get

When you register your business under CAC, you will be issued a certificate of incorporation by the appropriate government agency. In Nigeria, CAC’s sole responsibility is to administer the Act, including the regulation and supervision of the formation, incorporation, management, and winding up of companies.

While SMEDAN gives businesses access to business insurance. Business Insurance, in this concept, is an insurance type established to protect businesses from unforeseen losses that may arise in the course of the business. So one of the benefits of SMEDAN registration for your business is that it grants you access to business insurance. You are assured that your business is in safe hands regardless of future occurrences.

SMEDAN GRANTS FOR ENTREPRENEURS

SMEDAN Grant program was developed by the United States. The main objective is to help improve the Micro, Small Scale, and Medium Enterprises in Nigeria and Africa. The project will give technical support to small companies.

The worth of SMEDAN grant 2022 is worth between 100,000 dollars and 1 million dollars. This is an amazing opportunity for entrepreneurs from Nigeria and Africa. Businesspersons should make full use of this opportunity to develop their businesses.