Charles Odii, director-general of SMEDAN, met Abubakar
Suleiman, managing director of Sterling Bank, to discuss the issues. The bank
said the difficulties were due to problems with formalization and other factors
affecting eligibility.
Odii explained that he met with Sterling Bank officials to
talk about the SMEDAN-Sterling loan program. This program offers N5 billion to
small businesses at a single-digit interest rate to help them get finance.
Disbursements have started and are ongoing. There were concerns about the
application process and the difficulties some faced in getting the loan. The
bank explained that issues with formalization and other factors were stopping
some businesses from meeting the eligibility criteria.
They agreed on a plan to solve these problems. This includes
updating the digital platform for a smoother experience. Support will be given
to applicants who failed the eligibility test to fix the issues. Clear answers
will be provided to applicants’ questions online or at bank branches. The goal
is to help small businesses and make sure the loan is fully used for business
growth.
Odii said the agency will contact successful applicants to
monitor their progress. They will offer support to make sure the loan is fully
used. On November 22, SMEDAN signed an agreement with Sterling Bank to provide
N5 billion loan facility to small businesses across the country.
This loan aims to help small businesses in Nigeria. Access
to finance is important for growth and development. Many small businesses
struggle to get loans due to strict criteria and high interest rates. This loan
gives businesses a chance to grow and succeed.
The SMEDAN-Sterling loan program is a big step towards
helping small businesses. It shows a commitment to boosting the economy and
creating jobs. Small businesses are the backbone of the economy. They provide
employment and drive innovation. Supporting them is essential for economic
growth.
The loan program is designed to be easy and helpful. It
offers a single-digit interest rate, making it affordable for small businesses.
The application process is simple and straightforward. However, some businesses
face challenges in meeting the eligibility criteria. SMEDAN and Sterling Bank
are working together to solve these problems. They want to make sure as many
businesses as possible can benefit from the loan.
SMEDAN is dedicated to helping small businesses. The agency
offers various programs and services to help businesses grow. The N5 billion
loan is one of many efforts aimed at boosting small businesses. SMEDAN provides
training, support, and resources to help businesses succeed.
Sterling Bank is also committed to helping small businesses.
The bank offers various financial products and services tailored to the needs
of small businesses. The N5 billion loan is part of the bank’s effort to
increase access to finance for small businesses. Sterling Bank aims to provide
affordable and accessible financial solutions.
The partnership between SMEDAN and Sterling Bank is a
positive development. It shows a commitment to supporting small businesses and
boosting the economy. The loan program is expected to have a big impact on
small businesses across Nigeria. It will help businesses grow, create jobs, and
contribute to economic development.
The N5 billion loan program is a valuable chance for small
businesses. It offers affordable finance, making it easier for businesses to
grow and succeed. The support provided by SMEDAN and Sterling Bank ensures that
businesses can access the loan and overcome any challenges. This partnership is
a step towards a brighter future for small businesses in Nigeria.
Small businesses play an important role in the economy. They
drive innovation, create jobs, and contribute to economic growth. Supporting
them is essential for the development of the country. The N5 billion loan
program is a big step towards achieving this goal.
The SMEDAN-Sterling loan program is a great initiative. It
provides much-needed financial support to small businesses. The partnership
between SMEDAN and Sterling Bank ensures that businesses can access the loan
and receive the support they need. This program is expected to have a positive
impact on the economy and help small businesses grow.
SMEDAN and Sterling Bank are working together to support
small businesses. The N5 billion loan program shows their commitment. This
initiative will help businesses grow, create jobs, and contribute to economic
development. It is a valuable chance for small businesses in Nigeria.
The N5 billion loan program is a big step towards supporting
small businesses. It offers affordable finance and support, making it easier
for businesses to grow and succeed. The partnership between SMEDAN and Sterling
Bank ensures that businesses can access the loan and overcome any challenges.
This initiative is expected to have a positive impact on the economy and help
small businesses grow.