In a bid to support the growth of small and medium-sized enterprises (SMEs) in Nigeria, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has partnered with Sterling Bank to provide a N5 billion loan facility at a single-digit interest rate. While some SMEs have already started accessing the loan, others are facing challenges in meeting the bank’s eligibility criteria.
According to Charles Odii, Director-General of SMEDAN, the agency is working closely with Sterling Bank to address these issues and ensure that more SMEs can benefit from the loan. In a recent meeting with Abubakar Suleiman, Sterling Bank’s Managing Director, Odii discussed the challenges faced by some applicants and the need for a seamless application process.
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Sterling Bank attributed the difficulties to issues with formalization and other factors affecting eligibility. To address this, SMEDAN and Sterling Bank have agreed on an action plan, which includes:
- Continuous updates to the digital platform for a seamless experience
- Support for applicants who failed the eligibility test to address the responsible factors
- Providing clear answers to applicants’ questions online or at bank branches
SMEDAN will also contact successful applicants to monitor their progress and offer tailored support to ensure the opportunity is fully leveraged.
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This partnership between SMEDAN and Sterling Bank is a significant step towards supporting the growth of SMEs in Nigeria, which are a critical component of the country’s economic development. By providing access to affordable financing, SMEs can expand their operations, create jobs, and contribute to the country’s economic growth.
Source: The Cable
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