How to Apply for SMEDAN/Sterling Bank N5bn Loan For MSMEs In Nigeria 2024
Sterling Bank Plc in partnership with the Small and Medium Enterprises Development Agency of Nigeria(SMEDAN) has flagged off a 5 billion Naira SMEDAN/Sterling Bank loan program for all MSMEs in Nigeria.
The loan program which is one of the latest development from SMEDAN was launched after the signing of the MOU by the two parties on Wednesday 22nd November 2023. During the signing of the MOU, SMEDAN was represented by Charles Odii, director-general of the agency, while Sterling Bank was represented by Abubakar Suleiman, managing director and chief executive officer (CEO). You may recall that SMEDAN and Sterling Bank Plc launched a similar program in 2022 with the title; Sterling Bank Plc – SMEDAN Matching Fund, the 5 billion Naira loan is the first partnership under the current administration and is targetted at all Nigerian MSMEs who are registered with SMEDAN and are ready to repay their loan.
Table of Contents
Aim of SMEDAN/Sterling Bank N5bn Loan
- Stimulation of economic growth and drive prosperity by enhancing SME access to finance.
- Financial support to help SMEs expand operations, hire additional employees, and contribute to an overall upswing in beneficial trade and economic activities.
- Provision of prompt access to finance for small businesses and guide them through a formalization process crucial for sustainability and access to funds.
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How Much Is The Loan Amount?
The amount available for this loan is from N250,000 to N2.5 Million. Applicants can get more after payment of their first loan. The amount you
Loan Commencement Date
Application for the loan has already started and according to SMEDAN, the disbursement of the loan will begin in two weeks from the date stated above, while repayment will commence after a minimum period of three months, thereby enabling small businesses to fully leverage the facility.
Loan Moratorium Period
The loan has a moratorium period of 3 months after which all beneficiaries will start repaying their loan.
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Loan Interest Rate
The interest rate was not specified however, based on the previous SMEDAN/Sterling Bank loan program, the interest may be a single digit.
Requirements for SMEDAN/Sterling Bank N5bn Loan
To be eligible to apply for this loan, all interested MSME owners must register their business with SMEDAN after which they can proceed to submit their loan application.
Read also: How to Register Your Business On SMEDAN Registration Portal
How to Apply for SMEDAN/Sterling Bank N5bn Loan
Interested and eligible businesses should submit their application forms online via the loan application portal at www.smedan.gov.ng/smedansterling before the application portal closes.
Application Deadline
No deadline has been specified at the moment.
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