BenedictSMEDAN/Sterling Bank Loan For MSMEs In Nigeria – Get N2.5m Loan Now
The Small and Medium Enterprises Development Agency of Nigeria(SMEDAN) in partnership with Sterling Bank Plc has flagged off a 5 billion Naira single-digit interest loan program tilted SMEDAN/Sterling Bank Loan.
The loan program which is worth 5 billion Naira is meant for all registered small businesses in Nigeria that are creditworthy and willing to participate in the single-digit interest loan without defaulting.
It is also important to note that the loan program is the first partnership between SMEDAN/Sterling Bank under the Tinubu-led administration and is in line with the plans to improve the well-being of millions of Nigerians in the SME sector and improve the livelihood of people.
See Also: Tradermoni N50k Interest-Free Loan Launched – Apply Now
Objectives Of SMEDAN/STERLING BANK LOANÂ
The major aim of the SMEDAN/Sterling bank loan is to meet these;
- Stimulation of economic growth and driving prosperity by enhancing SME access to finance.
- Access to financial support to help SMEs expand operations, hire additional employees, and contribute to an overall upswing in beneficial trade and economic activities.
- Prompt access to finance for small businesses and provision of support through the formalization process is crucial for sustainability and access to funds.
Available Loan Amount
Under this loan program, business owners can apply for single-digit interest loans ranging from N250,000 to N2.5 Million depending on their type of business and financial needs.
Why You Should Consider Applying For This Loan
There are some unique features offered by both SMEDAN and Sterling Bank for this loan and some of them are highlighted below;
- Affordable interest rates: Enjoy single-digit interest rates, making these loans an attractive and cost-effective financing option.
- Flexible repayment terms: the loan repayment plan is well structured and tailored to your business needs, ensuring manageable installments.
- Streamlined application process: hassle-free loan application process
- Expert guidance and support: provides access to expert advice and support from Sterling Bank’s SME specialists to make sure your business experiences much-needed growth.
See Also: Best Savings Apps In Nigeria With High-Interest Rates
Loan Interest Rate
The loan has a single-digit interest rate of 9% and the maximum tenor for repayment of the loan is 12 months.
How to Apply
Application for the SMEDAN/Sterling Bank loan is currently open and you can submit your application online by visiting the application website https://sterling.ng/smedan/
Final note: The SMEDAN/Sterling loan is available to both Sterling bank and Non-Sterling account holders, however, you will be required to open and run Sterling Business Accounts after your loan application has been approved.
Benedict
