SMEDAN/Sterling Bank 5 Billion Naira Loan Application for Nigerians – The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed an agreement with Sterling Bank to provide a total of five billion naira in loans to small businesses across the country. The loan facility offers a single-digit interest rate of 9%, making it one of the most appealing credit options for Nigeria’s NSMEs.
How To Apply for SMEDAN/Sterling Bank 5 Billion Naira Loan Application for Nigerians
To access the loan, small businesses must register with SMEDAN and complete an application form by logging on to www.smedan.gov.ng/smedansterling, to fill the loan application form, following which the bank will process the application for disbursement.
Apply today to unlock the possibilities for your future success.
This opportunity is available nationwide to small businesses across all sectors, with loan options ranging from ₦250,000 to ₦2,500,000.
The ₦5 billion loan agreement with Sterling Bank has a duration period of 24 months, and repayment will commence after a minimum period of three months, enabling small businesses to fully leverage the facility. Application for the loan through the portal [www.smedan.gov.ng/smedansterling] has commenced and disbursement is expected to begin in two weeks.
The mandate of SMEDAN as contained in the enabling Act can be summarized as follows:
- Stimulating, monitoring and coordinating the development of the MSMEs sub-sector;
- Initiating and articulating policy ideas for small and medium enterprises growth and development;
- Promoting and facilitating development programmes, instruments and support services to accelerate the development and modernization of MSME operations;
- Serving as vanguard for rural industrialization, poverty reduction, job creation and enhanced livelihoods;
- Linking MSMEs to internal and external sources of finance, appropriate technology, technical skills as well as to large enterprises;
- Promoting and providing access to industrial infrastructures such as layouts, incubators, industrial parks;
- Intermediating between MSMEs and Government [SMEDAN is the voice of the MSMEs];
- Working in contact with other institutions in both public and private sector to create a good enabling environment of business in general, and MSME activities in particular.