SMEDAN and Sterling Bank N5 Billion Loan for SMEs In Nigeria Apply Now
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) last week signed an MOU with Sterling Bank Plc to provide a total of five billion Naira loans to 10,000 small businesses across the country. The loan program offers a single-digit interest rate of 9%, making it one of the most appealing credit options for Nigeria’s NSMEs.
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SMEDAN/Sterling Bank Loan Duration
The ₦5 billion loan agreement with Sterling Bank has a duration period of 24 months, and a moratorium period of three months, to enable small businesses to fully leverage the facility. Applications for the loan have already commenced and disbursement is expected to begin in two weeks.
How Much Is The Loan Amount?
The minimum amount of loan every SME can apply for is N250,000 and a maximum of N2.5 Million. Application is open to all SMEDAN registered NSMEs in Nigeria.
Loan Interest Rate
The loan is a single-interest loan and attracts 9% on any amount borrowed and applicants who successfully pay up their loans can apply for a higher amount.
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Aim of Loan
According to the MD of Sterling Bank, Mr. Abubakar Suleiman, the partnership with SMEDAN is aimed at providing prompt access to finance for small businesses and guiding them through a formalization process crucial for sustainability and access to funds. This includes record-keeping, separation of personal from business finances, and investment in competitive strategies to stand out and succeed.
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How to Apply for SMEDAN and Sterling Bank N5 Billion Loan for SMEs In Nigeria
Interested and eligible SME owners who wish to benefit from the loan program can do so now by submitting their applications online via the loan application portal at www.smedan.gov.ng/smedansterling before the application closes.
Application Deadline
No deadline is specified for the loan application.
