Apply for SMEDAN/Sterling Single Digit Interest N5Billion Loan Programme 2024


The SMEDAN/Sterling loan is a single digit interest rate loan targeted at Nano, Small and Medium Sized businesses in Nigeria, designed to aid and drive business growth while contributing to the growth of the Nigerian economy. This is part of Sterling Bank’s continuous effort to support small businesses in the country to grow and scale their businesses, which aligns with the SMEDAN mandate.

Sterling, deeply committed to national development, has pledged N5 billion in single-digit loans to eligible SMEs. This game-changing initiative stands as a testament to the bank’s unwavering belief in the transformative power of small businesses.

To ensure seamless access to these loans, Sterling has partnered with SMEDAN, a government agency dedicated to the development and promotion of SMEs in Nigeria. This strategic alliance has resulted in the establishment of a comprehensive database of SMEs, enabling tailored solutions and intervention programs that foster SME growth.

Eligible Businesses for SMEDAN/Sterling Loan

The SMEDAN/Sterling loan is open to businesses that are registered with the Corporate Affairs Commission (CAC) at the time of application and have been in operation for at least 18months.

Collateral is not required to access the SMEDAN/Sterling loan.

How much can an applicant get from SMEDAN/Sterling loan Program

The maximum available amount is Two Million Five Hundred Thousand Naira Only (N2,500,000).

The minimum available amount is Two hundred and Fifty Thousand Naira Only (N250,000).

What information is required as part of SMEDAN/Sterling loan application

The following information will be required from customers applying for the SMEDAN/Sterling loan:

1. Business Name

2. RC/BN number

3. Tax identification number for the business

4. Date of incorporation of the business

5. Business Account number for analysis

6. Bank Verification Number

7. Promoter name

Other Information on the SMEDAN/Sterling loan

The interest rate for the SMEDAN/Sterling loan is a single digit (less than 10%). The maximum tenor for repaying the loan is 12 months. 

The loan is available to both Sterling and Non-Sterling account holders, however customers will be required to open and run Sterling Business Accounts after their loan applications have been approved.

There are no hidden charges. If a customer’s application is approved, they will only be charged a 1% management fee and a 2.5% insurance fee, both of which will be collected upfront after disbursement.

How to Apply for SMEDAN/Sterling loan in 2024

The SMEDAN/Sterling loan can be accessed through a 2-step process:

Step 1 – The customer would need to sign up on the SME Databanc platform powered by SMEDAN to generate a Promoter and Business ID, which are required for the application.

Read Also: SMEDAN launches Easy Access to over N1 Million Loan Facilities for Entrepreneurs, MSMEs

Step 2 – The customer should then download the Banca by Sterling mobile app from Google Play or AppStore, sign up and Apply

Or Fill the SMEDAN/Sterling loan 2024 Application Form via SMEDAN/Sterling Loan 2024 Application Portal.

Then select "Begin" Application.

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