SMEDAN is partnering with Sterling Bank to provide 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.
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.
About SMEDAN
The Small and Medium Enterprises Development Agency of Nigeria, known as SMEDAN, operates under the Nigerian government. Its primary role is to foster the growth and development of MSMEs in Nigeria. SMEDAN offers various services, including advisory, training, and support, to help these enterprises thrive.
SMEDAN/Sterling Bank Loan Details
The N5 billion loan is designed to be accessible and supportive, addressing the unique challenges faced by MSMEs.
- The loan is available nationwide to small businesses across all sectors, with loan options ranging from ₦250,000 to ₦2,500,000.
- The loan tenor spans for 24 months, with repayment commencing after a minimum period of three months, allowing small businesses to fully leverage the facility.
- The loan facility offers a single-digit interest rate of 9%
- Application for the loan has commenced and disbursement is expected to begin in two weeks.
How to Apply for This Loan
Click Here to Apply for SMEDAN/Sterling Bank Loan
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