How to apply for SMEDAN/sterling bank 5 billion Naira loan ( for all Nigerians )

SMEDAN has entered into a collaboration with Sterling Bank to extend a total of ₦5 billion in loans to small businesses throughout Nigeria. The loan facility features a favorable single-digit interest rate of 9%, enhancing its attractiveness for Nigeria’s NSMEs.

The Memorandum of Understanding (MOU) was officially executed on November 22 at the SMEDAN Corporate Headquarters in Idu, Abuja, with Mr. Charles Odii, the Director-General of SMEDAN, and Mr. Abubakar Suleiman, the Managing Director/CEO of Sterling Bank, overseeing the agreement.

To access this financial support, small businesses are required to register with SMEDAN .

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This initiative represents a significant step in realizing Mr. Charles Odii’s commitment to fostering prosperity by facilitating small business growth through improved financial access. It aligns with President Bola Ahmed Tinubu’s Renewed Hope agenda, emphasizing growth-oriented economic reforms and support for SMEs in revitalizing the Nigerian economy.

Following the agreement with the Anambra State government, SMEDAN, under Mr. Odii’s leadership, is actively pursuing partnerships with other state governments and private entities to enhance financial access for small businesses. The ₦5 billion agreement with Sterling Bank stands as a tangible fulfillment of this commitment.

During the signing event, DG Charles Odii emphasized the significance of this partnership in stimulating economic growth and prosperity by improving SMEs’ access to finance. The competitive interest rate is expected to assist SMEs in expanding operations, hiring additional employees, and contributing to overall economic activities.

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The ₦5 billion loan agreement with Sterling Bank spans 24 months, with repayment commencing after a minimum period of three months, allowing small businesses to fully leverage the facility.

HOW TO APPLY FOR THIS SMEDAN/STERLING BANK LOAN

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The application process through the has already commenced, and disbursement is anticipated to commence in two weeks.

Mr. Abubakar Suleiman, the MD of Sterling Bank, highlighted that the partnership with SMEDAN aims to provide timely access to finance for small businesses while guiding them through a formalization process crucial for sustainability and access to funds. This includes fostering practices such as record-keeping, separation of personal and business finances, and investment in competitive strategies for long-term success.