Great news for Nigerian SMEs: Apply for the N5 Billion SMEDAN, Sterling Bank Databanc Loan!
Looking to grow your business? Sterling Bank and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have partnered to offer a N5 billion loan program specifically designed to help SMEs in Nigeria flourish. This program offers single-digit interest rates, flexible repayment terms, and a streamlined application process.
Here’s what you need to know:
Benefits:
- Save on interest: Enjoy significantly lower borrowing costs with single-digit interest rates.
- Repay at your own pace: Tailored repayment plans ensure manageable monthly installments.
- Fast and easy application: The digital application process is quick and requires no collateral.
- Expert guidance: Get valuable advice and support from Sterling Bank’s SME specialists.
Eligibility:
- Registered business: Your business must be registered with the Corporate Affairs Commission (CAC).
- Operational history: Be in operation for at least 18 months.
- Clean credit record: Maintain a good credit history.
- Business type: Some businesses, like haulage companies, petrol stations, and healthcare facilities, are excluded.
How to Apply:
- Register on the SME Databanc Platform: Generate a Promoter ID and Business ID on the SMEDAN platform.
- Apply via Banca by Sterling App: Download the app, sign up, and complete the loan application using your IDs.
Additional points to remember:
- Ensure your business has a valid Tax Identification Number (TIN) before applying.
- Even if you don’t qualify now, Sterling Bank and SMEDAN can offer guidance to improve your eligibility for future applications.
This program goes beyond just finance. By leveraging data, SMEDAN and Sterling Bank aim to provide local support, improve export potential, and ensure the long-term sustainability of SMEs in Nigeria.
Call to Action
Ready to take your business to the next level? Download the Banca by Sterling App and apply today! Click to start.