SMEDAN Sterling Bank Loan- Get up to N2.5M For Your Business

Sterling Bank and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have partnered to launch a N5 billion loan program designed to empower small and medium-sized enterprises (SMEs) across Nigeria.

The smedan sterling bank loan offers single-digit interest rates and flexible repayment terms, making it an attractive option for SMEs looking to access affordable financing.

With a strong commitment to the growth of the country, Sterling has promised to provide N5 billion in single-digit loans to qualified SMEs. The bank’s persistent commitment to the transformative power of small businesses is demonstrated by this program that is altering the game.

Sterling has teamed up with SMEDAN, a government organization devoted to the growth and promotion of SMEs in Nigeria, to provide easy access to these loans. Because of this strategic partnership, a complete database of SMEs has been established, allowing for the development of intervention programs and customized solutions that support the expansion of SMEs.

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Benefits

Do you know that you can unleash your business potential with the SMEDAN Sterling Bank Loan? Check out the benefits below:

Affordable interest rates: Enjoy single-digit interest rates, making these loans an attractive and cost-effective financing option.
Flexible repayment terms: Structured repayment plans tailored to your business needs, ensuring manageable installments.
Streamlined application process: Eliminate the hassle and complexity of traditional loan applications.
Expert guidance and support: Access expert advice and support from Sterling Bank’s SME specialists.

Eligibility Criteria

To be eligible for the SMEDAN Sterling loan, businesses must:

Be registered with the Corporate Affairs Commission (CAC)
Have been in operation for at least one year

Application Process

SMEs can apply for the Sterling Bank and SMEDAN SME Loan online. The online application process is quick and easy and requires businesses to submit basic information about their business and financial statements. Click here to apply online

Application Deadline

The application deadline for the Sterling Bank and SMEDAN SME Loan: There is no known deadline for now.

Additional Information

For more information about the Sterling Bank and SMEDAN SME Loan, please visit this website: https://smedan.gov.ng/smedansterling/ or https://sterling.ng/smedan/

We encourage all eligible SMEs to apply for the Sterling Bank and SMEDAN SME Loan and take advantage of this unique opportunity to access affordable financing.

Business Plans

I’m excited about the possibilities ahead! If you’re seeking to dive into entrepreneurship or scale up your existing business, I’ve got you covered.

Check out our array of ready-made business plans here for a quick start.

Looking for something tailor-made to suit your unique vision? Explore our unique and customized business plan services here for a personalized approach.

Questions and Answers FAQs

Is this programme the same as SMEDAN/STERLING Bank Matching Fund?

The SMEDAN/STERLING Bank Matching Fund Programme is an initiative aimed at providing financial support to small and medium-sized enterprises (SMEs) in Nigeria. This programme is a collaboration between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank.

It operates on the premise of a matching fund system where SMEDAN and Sterling Bank contribute funds that are then made available to qualifying SMEs at favorable terms. The goal is to empower these businesses by providing them with access to affordable financing, enabling them to expand their operations, invest in new equipment, boost productivity, and create employment opportunities.

What is the SMEDAN Sterling Bank Loan?

It’s a joint initiative by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank to provide affordable financing to micro, small, and medium enterprises (MSMEs) across Nigeria. This means you can get a loan of up to N2.5 million with a single-digit interest rate and flexible repayment terms to grow your business.

Am I eligible?

You might be eligible if your business is:
Registered with the Corporate Affairs Commission (CAC)

How much can I borrow?

You can borrow between N250,000 and N2.5 million, depending on your business needs and qualifications.

What are the interest rates and repayment terms?

The interest rates are single-digit, which is much lower than what you’d typically get from a commercial bank.

What is the duration of the loan, and when do I start repaying it?

That’s great news! The SMEDAN Sterling Bank Loan has a duration of 24 months, meaning you have two years to utilize the funds and grow your business. Even better, repayment starts after a minimum grace period of three months, giving you breathing room to solidify your footing before diving into repayments. This extended timeframe and flexible repayment structure ensure you can maximize the loan’s impact without feeling immediate pressure.

So, you’ll have 21 months to make repayments after receiving the loan funds. This gives you ample time to invest in your business, generate revenue, and comfortably manage your cash flow.

When will the loan disbursement begin?

According to SMEDAN and Sterling Bank, the disbursement of the ₦5 billion loan is expected to begin in two weeks from November 22. This means that eligible businesses can start receiving the loan funds as early as December 6th.

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