The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank have entered a groundbreaking agreement, securing a N5 billion loan facility for small businesses nationwide,” announced SMEDAN in a statement following the signing of the memorandum of understanding (MoU) in Abuja.
This collaboration, signed by Charles Odii, SMEDAN’s director-general, and Abubakar Suleiman, Sterling Bank’s managing director and chief executive officer, aims to bolster the growth of small businesses by providing increased financial access, aligning with President Bola Ahmed Tinubu’s Renewed Hope agenda for economic reforms.
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The initiative, a key stride in fostering prosperity, emphasizes the pivotal role SMEs play in revitalizing the Nigerian economy. It follows a similar commitment made with the Anambra State government to offer a N1 billion loan portfolio for small businesses in the state.
Expressing optimism, Odii affirmed plans to forge more partnerships with state governments and private entities, furthering financial access for small businesses. “The N5 billion agreement with Sterling Bank is a testament to our commitment, a crucial milestone in stimulating economic growth by improving SMEs’ access to finance,” Odii said.
Echoing this sentiment, Suleiman highlighted the partnership’s goal: “To provide swift access to finance for small businesses and guide them through essential formalization processes, ensuring sustainability and access to funds.”
Businesses seeking this opportunity must register with SMEDAN and complete an application on www.smedan.gov.ng/smedansterling. The loans, ranging from N250,000 to N2,500,000 with a 24-month repayment period, will begin disbursement in two weeks, enabling small businesses to expand, hire, and contribute to economic growth. Repayment commences after a minimum of three months, optimizing the facility for businesses’ benefit across all sectors nationwide.
