• About
  • Advertise
  • Careers
  • Contact Us
Sunday, June 29, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Apply

How to Apply for SMEDAN, Sterling Bank’s N5 Billion SME Loan

by Joan Aimuengheuwa
June 11, 2024
in Apply
1
How to Apply for SMEDAN, Sterling Bank’s N5 Billion SME Loan
SMEDAN/Sterling partners

SMEDAN/Sterling partners

UBA
Advertisements

Sterling Bank and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have launched a N5 billion loan program aimed at driving business growth. 

This single-digit interest rate facility is designed to boost Nigeria’s small and medium enterprises (SMEs), providing much-needed financial support to both new ventures and expanding businesses.

Sterling Bank has partnered with SMEDAN to create a comprehensive database of SMEs, enabling the provision of financial solutions and intervention programs. 

This partnership is highly important as it concerns Nigeria’s economic development, aiming to enhance job creation and economic growth.

Loan Details and Benefits

The SMEDAN N5 billion loan program brings several key benefits:

  • Affordable Interest Rates: The loans are provided at single-digit interest rates, making them a cost-effective financing option for SMEs.
  • Flexible Repayment Terms: Repayment plans are targeted to meet the specific needs of businesses, ensuring manageable instalments.
  • Streamlined Application Process: The application process is fully digital and collateral-free, eliminating the complexities of traditional loan applications.
  • Expert Guidance and Support: Borrowers can access expert advice and support from Sterling Bank’s SME specialists.

Eligibility 

To qualify for the SMEDAN/Sterling loan, businesses must meet the following criteria:

  1. Registered Business: The business must be registered with the Corporate Affairs Commission (CAC).
  2. Operational History: The business must have been in operation for at least 18 months.
  3. Clean Credit Record: The applicant must have a clean credit record.

Certain business types are excluded from this loan program, including specialized businesses such as haulage companies, petrol stations, healthcare facilities, schools, and firearms/armoury businesses.

How to Apply

The application for the SMEDAN/Sterling loan involves a straightforward two-step process:

  1. Register on the SME Databanc Platform: Applicants must first sign up on the SME Databanc platform powered by SMEDAN to generate a Promoter ID and Business ID.
  2. Apply via the Banca by Sterling App: After obtaining the necessary IDs, applicants need to download the Banca by Sterling mobile app from Google Play or the App Store, sign up, and complete the loan application.

It’s important to ensure that your business is registered with the CAC and has a valid Tax Identification Number (TIN) before applying.

Support for Non-Qualifying Businesses

For businesses that do not initially qualify, Sterling Bank and SMEDAN provide clear feedback and guidance on how to improve their business to become eligible for future funding. 

This approach ensures that the loan program goes beyond providing financial assistance but also facilitates growth and development among SMEs.

At the launch event in Lagos, themed “Building with Data: Promoting Economic Growth through Data-Driven Insights,” key stakeholders noted the importance of data in driving business growth. 

SMEDAN and Sterling Bank aim to leverage this data to provide local and tailored support for SMEs, enhancing their export potential and sustainability.

To apply for the SME loan, visit the website.

Loading

Advertisements
MTN ADS

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)SMEDAN N5 billion loan programSMEDAN/Sterling loanSMEsSterling Bank
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
Access Bank Acquires African Banking Corporation of Tanzania

Access Bank Acquires African Banking Corporation of Tanzania

Comments 1

  1. Pingback: Minimum wage battle: Experts warn of danger ahead -

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

NNPC/SPDC JV

NNPC/SPDC JV Commission Ultra-Modern ICT Centre to Bauchi State University

12 months ago
Dr Vincent Olatunji - Nigeria Data Protection Commission - NDPC speaks on DPCOs

NDPC Says 183 DPCOs Not Enough, Reopens Registration Portal

1 year ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.