SMEDAN – Sterling Bank
Starting a new venture or expanding your business? Unlock your SME’s potential with the SMEDAN N5bn loan program and power your business towards success.
SMEDAN – Sterling Bank
In Nigeria’s fast-paced economy, small and medium enterprises (SMEs) are crucial for driving growth and job creation. At Sterling, in partnership with SMEDAN, we’re making a real difference for these businesses.
Here’s our promise: if you’re an SME with a clean credit record, a registered business, and ongoing operations, you’re eligible for our loan facility. This loan is more than just funding; it’s a launchpad for growth. Perform well with this initial support, and you’ll pave the way to larger commercial loans.
What if you don’t qualify?
Our Pledge
Sterling, deeply committed to national development, has pledged N5 billion in single-digit loans to eligible SMEs. This game-changing initiative stands as a testament to the bank’s unwavering belief in the transformative power of small businesses.
To ensure seamless access to these loans, Sterling has partnered with SMEDAN, a government agency dedicated to the development and promotion of SMEs in Nigeria. This strategic alliance has resulted in the establishment of a comprehensive database of SMEs, enabling tailored solutions and intervention programs that foster SME growth.
Here’s why you should seize this opportunity:
- 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.
FAQ
Frequently Asked Questions
What is the SMEDAN/Sterling Lending Scheme all about?
Is this a grant for small businesses?
Is this powered by the Federal Government?
How can a customer access this loan?
What type of businesses are eligible to apply?
What if my business has been in operations for at least 18 months but not yet registered with CAC nor have my TIN?
Are there business types that are exempted?
How are applications evaluated?
Does the loan require collateral?
What is the maximum amount a customer can get?
What is the minimum amount a customer can get?
What is the maximum tenor for repayment?
What is the interest rate?
Are there any hidden charges?
What information is required as part of the application?
Is the Sterling/SMEDAN Loan program available to new-to-bank customers or businesses transacting with other banks?
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