How to Apply for SMEDAN Sterling Bank Partnership N5Billion Loan Programme for MSMEs

In an effort to boost entrepreneurship and stimulate economic growth, the Federal Government through the Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN) has partnered with Sterling Bank to offer a substantial N5 billion loan for Micro, Small and Medium Enterprises (MSMEs).

The two organisations came together to sign the Memorandum of Understanding (MOU), on Wednesday, November 22, at  SMEDAN Corporate Headquarters in Idu, Abuja.

This collaboration aims to provide financial support to businesses, fostering innovation and sustainability in the Nigerian business landscape.

If you are an entrepreneur seeking funding, here's a step-by-step guide on how to apply for the Smedan-Sterling Bank N5 billion loan.

But before diving into the application process, it's crucial to ensure that you know more about the Smedan/Sterling Bank Loan 2023 in order to ascertain if you meet the eligibility criteria set by SMEDAN and Sterling Bank for accessing the loan

5 Important things to know about Smedan/Sterling Bank Loan 2023

1. The Smedan/Sterling Bank Loan Amount is between N250,000 to N2.5 Million. The amount a borrower can borrow increases upon complete repayment of an existing loan on or before the end of the duration.

2. The Smedan/Sterling Bank Loan requires no Collateral but a business owner must be registered with the Corporate Affairs Commission (CAC) and has a Smedan Number.

3. The Smedan/Sterling Bank Loan Interest Rate is 9% per annum for a period of 3 years.

4. The loan has 1 year Moratorium. This makes Smedan/Sterling Bank Loan a complete financial boost for MSMEs.

5. Smedan/Sterling Bank Loan Repayment should be completed within 2 years (24 Months) after Moratorium

Requirements for Smedan/Sterling Bank Loan 2023 Application

i. First and Last Name.

ii. Gender

iii. Marital Status

iv. E-mail address

v. Phone number

vi. Residential address

vii. BVN

viii. NIN

ix. CAC/Smedan Number

x. Business Sector such as Agriculture, Manufacturing, Technology, FMCG, Entertainment, Hospitality, Mining, others

xi. Registered business address.

xii. Number of employees

xiii. Loan amount (ranges from 250k-2.5m)

xiv. Loan purposes.

Link to Apply for Smedan/Sterling Bank Loan 2023

The official link to apply for the Smedan/Sterling Bank Loan in 2023 is http://www.smedan.gov.ng/smedansterling

How to Apply for Smedan/Sterling Bank Loan 2023

1. Open the Smedan/Sterling Bank Loan Application Link http://www.smedan.gov.ng/smedansterling

2. Fill in the following required details: First and Last Name, Gender, Marital Status, E-mail address, Phone number, Residential address, BVN, NIN, CAC/Smedan Number; Business Sector eg Agriculture, Manufacturing, Technology, FMCG, Entertainment, Hospitality, Mining, others; Registered business address, Number of employees, Loan amount (ranges from 250k-2.5m), Loan purposes.

3.  Submit and check e-mail address for confirmation of application.

4. Wait for Approval notification and loan Disbursement.

The Smedan-Sterling Bank N5 billion loan presents a significant opportunity for MSMEs to scale and contribute to the economic development of Nigeria. By following these information diligently and presenting a compelling case for your business, you increase your chances of securing the financial support needed to propel your entrepreneurial journey.

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