Sterling Bank PLC, in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), launched a 5 billion naira loan program aimed at supporting small and medium-sized enterprises (SMEs). The program, announced on June 10, 2024, offers loans at a single-digit interest rate of 9% to help businesses expand, hire more employees, and contribute to economic growth.
Requirements to Access the Loan:
- 1. Business Registration: The business must be registered with the Corporate Affairs Commission (CAC).
- SMEDAN Registration: The business must also be registered with SMEDAN. This can be done on their official website.
- Loan Application: Submit the loan application online through the SMEDAN/Sterling Bank loan portal.
- Financial Records: Maintain clear financial records and ensure the separation of personal and business finances.
- Nigerian Presence: The business must operate within Nigeria.
- Potential for Job Creation: Demonstrate the potential for creating jobs.
Loan Details
- Loan Amount: Between ₦250,000 and ₦2,500,000.Interest Rate:
- Single-digit, specifically 9%.
- Repayment Terms: The loan has a 24-month duration with a moratorium period of three months before repayment begins .
How To Apply
- Register your business with SMEDAN if not already done.
- Complete the loan application form on the SMEDAN/Sterling Bank portal.
- Submit necessary documents as specified during the application process.
For further details and to start the application process, visit the SMEDAN loan portal at www.smedan.gov.ng/SMEDAN sterling
