Sterling Bank and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have launched a N5 billion loan program aimed at driving business growth.
This single-digit interest rate facility is designed to boost Nigeria’s small and medium enterprises (SMEs), providing much-needed financial support to both new ventures and expanding businesses.
Sterling Bank has partnered with SMEDAN to create a comprehensive database of SMEs, enabling the provision of financial solutions and intervention programs.
This partnership is highly important as it concerns Nigeria’s economic development, aiming to enhance job creation and economic growth.
Requirements
To qualify for the SMEDAN/Sterling loan, businesses must meet the following criteria
- Registered Business: The business must be registered with the Corporate Affairs Commission (CAC).
- Operational History: The business must have been in operation for at least 18 months.
- Clean Credit Record: The applicant must have a clean credit record.
Certain business types are excluded from this loan program, including specialized businesses such as haulage companies, petrol stations, healthcare facilities, schools, and firearms/armory businesses.
Benefits of Sterling Bank / SMEDAN Loan
The SMEDAN N5 billion loan program brings several key benefits:
- Affordable Interest Rates: The loans are provided at single-digit interest rates, making them a cost-effective financing option for SMEs.
- Flexible Repayment Terms: Repayment plans are targeted to meet the specific needs of businesses, ensuring manageable installments.
- Streamlined Application Process: The application process is fully digital and collateral-free, eliminating the complexities of traditional loan applications.
- Expert Guidance and Support: Borrowers can access expert advice and support from Sterling Bank’s SME specialists
Method of Application
The application for the SMEDAN/Sterling loan involves a straightforward two-step process:
- Register on the SME Databanc Platform: Applicants must first sign up on the SME Databanc platform powered by SMEDAN to generate a Promoter ID and Business ID.
- Apply via the Banca by Sterling App: After obtaining the necessary IDs, applicants need to download the Banca by Sterling mobile app from Google Play or the App Store, sign up, and complete the loan application.
It’s important to ensure that your business is registered with the CAC and has a valid Tax Identification Number (TIN) before applying.
Interested and qualified candidates Should:
Click Here to Apply.
