It’s exciting to know that financial institutions in Nigeria are deepening their interest in supporting micro-traders through soft loans.
The latest on the list credit facility available for small business owners is ‘I Go Trade’ which was launched by Sterling Bank, where SMEs and artisans can access up to N300, 000
It is a new loan product designed to support MSMEs in their entrepreneurial daily activities.
Merits of Sterling ‘I Go Trade’ Loan
- You can apply for the loan through Sterling Bank Agent near you
- You don’t have to be physically present at the banks
- It’s collateral-free
- It’s a low-interest
- You don’t have to fill the usual long paper forms
- You can access up to N300, 000
- Faster disbursement
- Flexible repayment plan which can be daily, weekly, or monthly, depending on convenience.
Speaking on what the new credit facility will doing differently, Divisional Head, Retail and Consumer Banking of Sterling, Shina Atilola, stated that I Go Trader was borne out of the bank’s drive to cater to the needs of artisans and micro-traders living in marginalised communities.
According to him, the new product doesn’t require “stringent processes and heavy paperwork which several small business owners find discouraging.”
How To Apply For I Go Trade Collateral-Free Loan
1) Locate an agent of Sterling bank near you to show interest in the loan
2) The agent will fill a quick online form for you and submit it on your behalf
3) Collect your loan for your use
Sterling Bank through its new credit facility has taken a great move to bridge the gap in financial inclusion.
It isn’t the first time the bank would be launching a community-based product, for instance in December 2019, its Sterling Agent Banking Edu-Finance Scheme won the Banking in the Community Award at the Bank of the Year 2019 Awards in London, the United Kingdom.