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SMEDAN, Sterling Bank Collaborate to Ease Access to N5 Billion Loan for SMEs

SMEDAN, Sterling Bank Collaborate to Ease Access to N5 Billion Loan for SMEs

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:

SMEDAN will also contact successful applicants to monitor their progress and offer tailored support to ensure the opportunity is fully leveraged.

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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