Apply . SMEDAN/ Sterling Bank 5 billionaire Naira Loan ( for fresh & old applicants)

Sterling Bank and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have unveiled a N5 billion loan initiative to stimulate business growth.

This loan program offers single-digit interest rates to support Nigeria’s small and medium enterprises (SMEs), providing essential financial resources for both startups and expanding companies.

Through their collaboration, Sterling Bank and SMEDAN have established a comprehensive SME database to facilitate financial solutions and intervention programs.

This partnership plays a crucial role in Nigeria’s economic development, aiming to promote job creation and economic expansion.

Eligibility
To be eligible for the SMEDAN/Sterling loan, businesses must meet the following criteria:

Registered Business: Must be registered with the Corporate Affairs Commission (CAC).
Operational History: Must have been in operation for at least 18 months.
Clean Credit Record: Applicants must have a clean credit history.
Certain business types are excluded, including haulage companies, petrol stations, healthcare facilities, schools, and firearms/armory businesses.

Benefits
The SMEDAN N5 billion loan program offers several advantages:

Affordable Interest Rates: Loans are available at single-digit interest rates, making financing more accessible for SMEs.
Flexible Repayment Terms: Repayment plans are designed to suit business needs, ensuring manageable payments.
Streamlined Application Process: The application process is entirely digital and collateral-free, simplifying traditional loan procedures.
Expert Guidance and Support: Borrowers receive expert advice and support from Sterling Bank’s SME specialists.
How to Apply
Applying for the SMEDAN/Sterling loan involves a simple two-step process:

Register on the SME Databanc Platform: Sign up on the SME Databanc platform powered by SMEDAN to obtain a Promoter ID and Business ID.
Apply via the Banca by Sterling App: Download the Banca by Sterling mobile app from Google Play or the App Store, sign up, and complete the loan application.
Ensure your business is registered with the CAC and has a valid Tax Identification Number (TIN) before applying.

Support for Non-Qualifying Businesses
For businesses that do not initially qualify, Sterling Bank and SMEDAN offer feedback and guidance to help them become eligible for future funding. This ensures the loan program not only provides financial aid but also fosters growth and development among SMEs.

At the launch event in Lagos, themed “Building with Data: Promoting Economic Growth through Data-Driven Insights,” stakeholders emphasized the importance of data in driving business growth.

SMEDAN and Sterling Bank aim to use this data to provide customized support for SMEs, enhancing their export potential and sustainability.

Click HERE to apply