Last updated on January 15th, 2024 at 08:46 pm
You can access at least N250K and as high as N2.5 million as a business loan to support your business, thanks to the partnership between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Sterling Bank.
Number of Applications
Giving an update, the agency disclosed that over 200,000 businesses submitted applications for the credit facility.
“The bank has commenced assessment and applicants will receive information on how to proceed. The process has been streamlined so in a matter of days, we should commence disbursement,” SMEDAN said in an update.Advertisements
A sample of mail sent to successful applicants read:
“Thank you for expressing your interest in the sterling-SMEDAN N5bn programme. Your application has been received and we are pleased to inform you that you gave qualified to be among the first to receive updates on the subsequent steps in the application process. In the meantime, we encourage you to gain a deeper understanding of the N5bn loan program.”
The loan facility is worth up to N5 billion to support small businesses across Nigeria. On the scale of N250,000, the loan can cover 20,000 SMEs across Nigeria.
It’s a single-digit business loan with a nine per cent interest rate, making it the best financial facility any SME can have access to and the application is FREE.
Here are the requirements and application process for the latest SMEDAN-Sterling loan.
- Your biodata
- Active email address
- State of residence
- Registered business name
- Business registration number
- Detailed description of residential address
The form is designed to make the loan application process efficient and accessible. Here is how to apply:
- Head straight to smedan.gov.ng/smedansterling/
- It is a one-page form and needs no upload of documents at this stage.
- Fill out the details mentioned above and hit the submit button
It is open to everyone regardless of political, or religious affiliations
Terms of the N5 Billion SMEDAN-Sterling Loan
- The SMEDAN loan agreement with Sterling Bank has a duration of 24 months.
- Repayment begins after three months of disbursement
- Disbursement of the loan will start two weeks after the closing of the application.
- To access the loan, small businesses must register with SMEDAN
- The application must be completed via smedan.gov.ng/smedansterling, after which the bank will process the application for disbursement.
SMEDAN is an agency designed to articulate policy ideas for small and medium enterprises’ growth and development in Nigeria.