The significance of the SMEDA to the MSMEs depends largely on the credit /Loan Department, and its ability to access financial services and loans through government, microfinance institutions and banks, given the history that access to credit has been a major impediment to the growth of the MSME.
The Credit/Loan department of SMEDA is responsible to drive the potential of MSMEs in promoting more and better jobs for men, women and youth in all sectors of the MSME landscape. The Sierra Leone government has provided the enabling environment in terms of increased access to finance, for financial inclusion, digital finance, the establishment of a credit reference bureau, introduction of a risk-based model and the establishment of the collateral register.
The Credit /Loan department of SMEDA provides non-financial services to MSMEs across all enterprise sector; facilitate the development of MSME businesses by providing capacity building training on enterprise development skills, financial services and access to finance, mentoring and coaching.
The Credit/Loan Department does not provide financial services to MSMEs, but rather interact with financial institutions by providing funds for low-interest guarantee lending designed to increase the access MSMEs have to finance for start-up and expansion through Government initiative with the support of the Ministry of Finance.
The Credit/Loan department ensures that lending institutions improve accuracies and efficiencies in service delivery. The department performs ongoing capacity building training for MSMEs, review and communicates lending institution concerns and standards. It conducts various assessments and audits to ensure department procedures are achieving accurate and desired results.
Being a regulatory institution of the MSME landscape, SMEDA through the Credit/Loan Department facilitate the following tasks:
- Analyse the financial status, credits and property evaluations of applicants and meeting with them;
- Obtain and compile copies of corporate financial statements, credit histories and other such financial information of clients
- Respond to the client’s question about the loan process, taking care of customer complaints and fixing them.
- Explaining the types of loan, different types of credit options and the terms of the offered services.
- Reviewing loan agreements and determining how feasible offering a loan is.
- Approving or denying loans within certain limits and referring higher loans to the responsible parties credit policies, lines, standards, and procedures in collaboration with the senior management
- Submitting applications to credit analysts and making sure that said applications get verified and recommended
- Computing and designing payment schedules, as well as updating and reviewing loan and credit files
- Helping clients identify realistic financial goals and coming up with ways to reach those goals
- Negotiating payment arrangements with delinquent loan customers
- Analysing potential loan markets and locating prospects for different loans
- Developing referral networks and sending reports to customers
- Forwarding irreconcilable accounts for collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts.
The significance of the SMEDA to the MSMEs depends largely on the credit /Loan Department, and its ability to access financial services and loans through government, microfinance institutions and banks, given the history that access to credit has been a major impediment to the growth of the MSME.
The Credit/Loan department of SMEDA is responsible to drive the potential of MSMEs in promoting more and better jobs for men, women and youth in all sectors of the MSME landscape. The Sierra Leone government has provided the enabling environment in terms of increased access to finance, for financial inclusion, digital finance, the establishment of a credit reference bureau, introduction of a risk-based model and the establishment of the collateral register.
The Credit /Loan department of SMEDA provides non-financial services to MSMEs across all enterprise sector; facilitate the development of MSME businesses by providing capacity building training on enterprise development skills, financial services and access to finance, mentoring and coaching.
The Credit/Loan Department does not provide financial services to MSMEs, but rather interact with financial institutions by providing funds for low-interest guarantee lending designed to increase the access MSMEs have to finance for start-up and expansion through Government initiative with the support of the Ministry of Finance.
The Credit/Loan department ensures that lending institutions improve accuracies and efficiencies in service delivery. The department performs ongoing capacity building training for MSMEs, review and communicates lending institution concerns and standards. It conducts various assessments and audits to ensure department procedures are achieving accurate and desired results.
Being a regulatory institution of the MSME landscape, SMEDA through the Credit/Loan Department facilitate the following tasks:
- Analyse the financial status, credits and property evaluations of applicants and meeting with them;
- Obtain and compile copies of corporate financial statements, credit histories and other such financial information of clients
- Respond to the client’s question about the loan process, taking care of customer complaints and fixing them.
- Explaining the types of loan, different types of credit options and the terms of the offered services.
- Reviewing loan agreements and determining how feasible offering a loan is.
- Approving or denying loans within certain limits and referring higher loans to the responsible parties credit policies, lines, standards, and procedures in collaboration with the senior management
- Submitting applications to credit analysts and making sure that said applications get verified and recommended
- Computing and designing payment schedules, as well as updating and reviewing loan and credit files
- Helping clients identify realistic financial goals and coming up with ways to reach those goals
- Negotiating payment arrangements with delinquent loan customers
- Analysing potential loan markets and locating prospects for different loans
- Developing referral networks and sending reports to customers
- Forwarding irreconcilable accounts for collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts.